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Micron Technology Inc. (NASDAQ: MU): Don’t Ditch MU Stock In 2023

In the last trading session, 12.73 million Micron Technology Inc. (NASDAQ:MU) shares changed hands as the company’s beta touched 1.35. With the company’s per share price at $70.50 changed hands at $0.62 or 0.89% during last session, the market valuation stood at $79.33B. MU’s last price was a discount, traded about -6.06% off its 52-week high of $74.77. The share price had its 52-week low at $48.43, which suggests the last value was 31.3% up since then. When we look at Micron Technology Inc.’s average trading volume, we note the 10-day average is 11.74 million shares, with the 3-month average coming to 14.25 million.

Analysts gave the Micron Technology Inc. (MU) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.20. If we narrow down to specifics, the data shows that 2 out of 37 analysts rate the stock as a Sell, with a further 5 assigning it an Overweight rating. Of the remaining, 8 recommended MU as a Hold, 22 felt it is a Buy and 0 rated the stock as Underweight. Micron Technology Inc.’s EPS for the current quarter is expected to be $Unity Software Inc.

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Micron Technology Inc. (NASDAQ:MU) trade information

Instantly MU was in green as seen at the end of in last trading. With action 0.67%, the performance over the past five days has been green. The jump to weekly highs of 72.23 on Monday, 09/18/23 added 0.89% to the stock’s daily price. The company’s shares are showing year-to-date upside of 41.06%, with the 5-day performance at 0.67% in the green. However, in the 30-day time frame, Micron Technology Inc. (NASDAQ:MU) is 10.92% up. Looking at the short shares, we see there were 19.08 million shares sold at short interest cover period of 1.56 days.

The consensus price target for the stock as assigned by Wall Street analysts is $79.53, meaning bulls need an upside of 11.35% from its current market value. According to analyst projections, MU’s forecast low is $46.00 with $108.76 as the target high. To hit the forecast high, the stock’s price needs a -54.27% plunge from its current level, while the stock would need to tank 34.75% for it to hit the projected low.

Micron Technology Inc. (MU) estimates and forecasts

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 11.90%. The 2023 estimates are for Micron Technology Inc. earnings to increase by 50.70%.

MU Dividends

Micron Technology Inc. is expected to release its next quarterly earnings report on September 27. The 0.65% annual yield figure for the share gives it an annual dividend of 0.46. It is important to note, however, that the 0.65% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Micron Technology Inc. (NASDAQ:MU)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.28% of Micron Technology Inc. shares while 84.70% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 84.94%. There are 84.70% institutions holding the Micron Technology Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 8.58% of the shares, roughly 93.92 million MU shares worth $5.93 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.87% or 86.2 million shares worth $5.44 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 34.14 million shares estimated at $2.15 billion under it, the former controlled 3.12% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 2.38% of the shares, roughly 26.06 million shares worth around $1.64 billion.

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