Micron Technology (NASDAQ:MU) Trading Down 1.5%

Micron Technology, Inc. (NASDAQ:MU)’s share price dropped 1.5% during trading on Wednesday . The stock traded as low as $109.57 and last traded at $110.74. Approximately 7,822,412 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 20,416,617 shares. The stock had previously closed at $112.46.

Analyst Ratings Changes

MU has been the topic of several research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a report on Friday, April 12th. Barclays increased their price target on shares of Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, March 18th. Mizuho raised their price objective on shares of Micron Technology from $105.00 to $124.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Wells Fargo & Company raised their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Finally, Bank of America raised their price objective on shares of Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Price Performance

The company has a fifty day moving average price of $105.24 and a two-hundred day moving average price of $87.85. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company’s revenue was up 57.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($2.03) earnings per share. On average, sell-side analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.41%. The ex-dividend date was Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $87.02, for a total value of $609,140.00. Following the completion of the transaction, the chief executive officer now owns 788,557 shares of the company’s stock, valued at approximately $68,620,230.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 268,890 shares of company stock worth $29,738,667. 0.32% of the stock is owned by corporate insiders.

Institutional Trading of Micron Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock worth $8,106,001,000 after buying an additional 755,588 shares during the last quarter. Sanders Capital LLC boosted its stake in Micron Technology by 2.3% in the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after buying an additional 503,923 shares during the last quarter. FMR LLC lifted its stake in shares of Micron Technology by 47.9% in the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after purchasing an additional 7,089,790 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares in the last quarter. Finally, Morgan Stanley lifted its stake in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after purchasing an additional 2,852,688 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.