Micron Technology Inc. (NASDAQ: MU) Stock Jumped 33.66% Over A Month – Are There Any Chances Of Growth?

During the last session, Micron Technology Inc. (NASDAQ:MU)’s traded shares were 39.9 million, with the beta value of the company hitting 1.27. At the end of the trading day, the stock’s price was $128.01, reflecting an intraday gain of 4.29% or $5.26. The 52-week high for the MU share is $127.38, that puts it up 0.49 from that peak though still a striking 56.25% gain since the share price plummeted to a 52-week low of $56.01. The company’s market capitalization is $141.75B, and the average intraday trading volume over the past 10 days was 42.78 million shares, and the average trade volume was 19.56 million shares over the past three months.

Micron Technology Inc. (NASDAQ:MU) trade information

Micron Technology Inc. (MU) registered a 4.29% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 4.29% in intraday trading to $128.01, hitting a weekly high. The stock’s 5-day price performance is 7.75%, and it has moved by 33.66% in 30 days. Based on these gigs, the overall price performance for the year is 112.15%. The short interest in Micron Technology Inc. (NASDAQ:MU) is 20.75 million shares and it means that shorts have 1.17 day(s) to cover.

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Micron Technology Inc. (MU) estimates and forecasts

Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to grow 132.90% this quarter and then jump 182.20% in the quarter after that. In the rating firms’ projections, revenue will increase 57.70% compared to the previous financial year.

Revenue for the current quarter is expected to be $6.61 billion as predicted by 24 analyst(s). Meanwhile, a consensus of 24 analyst(s) estimates revenue growth to $7.4 billion by the end of Aug 2024.

While earnings are projected to return 115.78% in 2024, the next five years will return -2.62% per annum.

MU Dividends

Micron Technology Inc. is due to release its next quarterly earnings on March 20. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Micron Technology Inc. is 0.57, with the dividend yield indicating at 0.45 percent, continuing the trend of increasing dividends in recent years.

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

Micron Technology Inc. insiders own 0.29% of total outstanding shares while institutional holders control 84.94%, with the float percentage being 85.19%. Vanguard Group Inc is the largest shareholder of the company, while 2,045 institutions own stock in it. As of Jun 29, 2023, the company held over 93.92 million shares (or 8.55% of all shares), a total value of $5.93 billion in shares.

The next largest institutional holding, with 86.2 million shares, is of Blackrock Inc.’s that is approximately 7.85% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $5.44 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Micron Technology Inc. (MU) shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. Data provided on Jun 29, 2023 indicates that Vanguard Total Stock Market Index Fund owns about 34.14 million shares. This amounts to just over 3.11 percent of the company’s overall shares, with a $2.15 billion market value. The same data shows that the other fund manager holds slightly less at 26.06 million, or about 2.37% of the stock, which is worth about $1.64 billion.