Micron Technology (NASDAQ:MU) Trading Down 4.1%

Micron Technology, Inc. (NASDAQ:MU) shares fell 4.1% during trading on Wednesday . The stock traded as low as $93.26 and last traded at $93.87. 7,689,827 shares traded hands during trading, a decline of 64% from the average session volume of 21,249,621 shares. The stock had previously closed at $97.86.

Analyst Ratings Changes

MU has been the topic of a number of research reports. Rosenblatt Securities restated a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a research note on Tuesday, June 25th. KeyCorp lowered their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. TD Cowen boosted their target price on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Susquehanna reduced their price target on Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a research report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. increased their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $157.12.

Micron Technology Price Performance

The company has a market cap of $104.06 billion, a PE ratio of -66.11 and a beta of 1.18. The firm has a 50 day simple moving average of $117.57 and a 200-day simple moving average of $114.35. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the prior year, the firm posted ($1.57) earnings per share. The business’s quarterly revenue was up 81.5% on a year-over-year basis. As a group, research analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $96,762,423.93. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 53,174 shares of company stock valued at $7,710,093. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently modified their holdings of MU. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology during the 2nd quarter valued at approximately $28,000. DecisionPoint Financial LLC purchased a new stake in Micron Technology in the first quarter valued at $25,000. Valued Wealth Advisors LLC lifted its stake in shares of Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC grew its holdings in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares during the period. Finally, LRI Investments LLC increased its position in shares of Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.