Micron Technology, Inc. (MU) to Issue Quarterly Dividend of $0.12 on July 23rd

Micron Technology, Inc. (NASDAQ:MU) declared a quarterly dividend on Wednesday, June 26th, Zacks reports. Shareholders of record on Monday, July 8th will be paid a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, July 23rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Monday, July 8th.

Micron Technology has a dividend payout ratio of 5.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Micron Technology to earn $7.06 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 6.5%.

Micron Technology Stock Up 1.4 %

Shares of MU traded up $1.79 during midday trading on Friday, hitting $134.02. The company had a trading volume of 5,788,847 shares, compared to its average volume of 20,478,676. The company’s 50 day moving average price is $127.16 and its 200 day moving average price is $105.52. The stock has a market cap of $148.41 billion, a price-to-earnings ratio of -93.12 and a beta of 1.21. Micron Technology has a 52 week low of $60.50 and a 52 week high of $157.54. 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 released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.03%. The company’s revenue was up 81.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.57) EPS. On average, equities research analysts predict that Micron Technology will post 0.35 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MU. Raymond James boosted their target price on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday. Mizuho boosted their target price on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Needham & Company LLC boosted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.52.

Insider Buying and Selling at Micron Technology

In other news, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the transaction, the senior vice president now owns 153,387 shares in the company, valued at approximately $17,723,867.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Micron Technology news, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the sale, the senior vice president now directly owns 153,387 shares in the company, valued at approximately $17,723,867.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the completion of the sale, the chief executive officer now owns 728,557 shares in the company, valued at $94,712,410. The disclosure for this sale can be found here. In the last quarter, insiders have sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is currently owned by company insiders.

About Micron Technology

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.