Micron Technology (NASDAQ:MU) Trading Down 0.2%

Micron Technology, Inc. (NASDAQ:MU)’s stock price fell 0.2% during mid-day trading on Wednesday . The company traded as low as $86.57 and last traded at $86.64. 4,721,240 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 21,202,625 shares. The stock had previously closed at $86.85.

Analyst Ratings Changes

Several research firms have recently commented on MU. Piper Sandler upped their price target on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Mizuho raised their target price on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. KeyCorp dropped their price target 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. Wolfe Research raised their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $225.00 price objective on shares of Micron Technology in a report on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.12.

Micron Technology Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The firm’s 50-day moving average price is $106.90 and its 200 day moving average price is $115.04. The firm has a market capitalization of $97.99 billion, a price-to-earnings ratio of -61.01 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS 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 firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the firm earned ($1.57) EPS. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. Sell-side analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current 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. This represents a $0.46 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling at Micron Technology

In other news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Clearbridge Investments LLC raised its position in shares of Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after buying an additional 20,741 shares during the period. Chapin Davis Inc. acquired a new position in shares of Micron Technology in the 2nd quarter valued at about $4,056,000. Norden Group LLC grew its holdings in shares of Micron Technology by 1,916.7% during the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares during the period. TCW Group Inc. increased its position in Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its holdings in Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after buying an additional 5,958 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.