Micron Technology Inc (NASDAQ:MU) shares are trading higher. The company on Wednesday announced the resumption of its buyback program.

What Happened: In a new regulatory filing, Micron announced that its board determined that the company may resume its share repurchases.

Micron initially introduced the buyback program in 2018, but it was temporarily suspended in late 2022 due to an industry downturn. The company's board said it resumed the buyback "in light of improved conditions."

The resumed stock repurchase program aims to help offset dilution from employee stock purchase programs. Micron noted that it maintains its commitment to further strengthening its balance sheet and sustaining its investment grade credit rating.

MU Stock Prediction 2024

When buying a stock for a longer time horizon, it is important for investors to assess where they think the stock is headed in the future. When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.

Micron's revenue has grown at an average rate of 6.66% annually over the past five years. The average one-year price target from analysts is $166.46, representing an expected 87.03% upside in 2025.

While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Micron have seen an annualized return of 4.18%, underperforming the S&P 500 index by 1.56%. This compares to 18.44% growth in the overall Information Technology sector. Micron Technology has a beta of 1.97.

MU Price Action: Micron shares were up 2.3% at $91.05 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Micron.