Micron Technology (NASDAQ:MU) Trading Down 4%

Shares of Micron Technology, Inc. (NASDAQ:MU) traded down 4% on Wednesday . The company traded as low as $119.80 and last traded at $122.43. 8,741,849 shares were traded during trading, a decline of 58% from the average session volume of 20,759,611 shares. The stock had previously closed at $127.49.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Needham & Company LLC upped their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. TD Cowen increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Wedbush reiterated an “outperform” rating and issued a $170.00 price target on shares of Micron Technology in a research note on Thursday, June 27th. Finally, UBS Group dropped their price target on shares of Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.72.

Micron Technology Trading Down 5.9 %

The firm has a market cap of $132.98 billion, a PE ratio of -85.79 and a beta of 1.18. The business has a 50-day moving average price of $132.60 and a two-hundred day moving average price of $110.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter last year, the business posted ($1.57) earnings per share. The business’s revenue for the quarter was up 81.5% on a year-over-year basis. Analysts forecast that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.38%. The ex-dividend date is Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Insider Activity at Micron Technology

In other news, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $114.87, for a total transaction of $804,090.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $82,597,158.63. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now directly owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 243,730 shares of company stock valued at $30,218,549. 0.32% of the stock is owned by insiders.

Institutional Trading of Micron Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after purchasing an additional 1,681,815 shares in the last quarter. Capital World Investors boosted its holdings in Micron Technology by 6.6% in the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after acquiring an additional 1,400,154 shares during the period. Sanders Capital LLC boosted its holdings 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 acquiring an additional 503,923 shares during the period. Capital International Investors boosted its holdings in Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.