Dallas, Texas 08/26/2013 (Financialstrend) – Shares of Micron Technology, Inc. (NASDAQ:MU) are presently moving near their 52 week higher level of prices and it is worth noting that the stock had more than doubled over the past one year of trading. The forward P/E ratio for the stock is still at 10, which suggests that the shares could further be expected to grow in the near future. The recent purchase made by the company to acquire Elpida had proved to be of high value to boost up the capacity, the pricing power and the relationship of the company with Apple Inc. Further, it is worth noting that this acquisition had proved to generate cash to the company which could be effectively utilized for the buyback of its shares or to reinstate the company’s dividend.
In addition, Micron Technology, Inc. (NASDAQ:MU) had presented stronger results for the third quarter of fiscal year 2013 in which it was reported that the company had earned net income of $43 million, compared to the heavy losses at $286 million for the same quarter of previous year. All such strong factors prove to add value to this stock in the near future.
Micron Technology, Inc. (NASDAQ:MU) had been presenting a neutral stance in prices on Friday to close the week at $13.86 per share. The stock had been observed to present intraday price movements in the range of $13.73 to $13.93 per share on Friday and had further attracted around 15.66 million trades on the last day of the week. However, the average level of trading volume for the stock had been reported to be at 38.73 million shares per day. It is recorded that the stock’s 52 week lowest price is at $5.16 and 52 week highest price is at $15.07 per share. The company’s total outstanding shares in the market are at 1.03 billion to record market cap at $14.34 billion and institutional holdings are at 95%.
