Micron Technology, Inc. (NASDAQ:MU) Announces $0.12 Quarterly Dividend

Micron Technology, Inc. (NASDAQ:MU) declared a quarterly dividend on Wednesday, September 25th, Wall Street Journal reports. Shareholders of record on Monday, October 7th will be given a dividend of 0.115 per share by the semiconductor manufacturer on Wednesday, October 23rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, October 7th.

Micron Technology has a dividend payout ratio of 5.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Micron Technology to earn $8.60 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 5.3%.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $102.25 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology has a 1 year low of $63.88 and a 1 year high of $157.54. The firm’s 50-day simple moving average is $96.66 and its 200-day simple moving average is $115.10. The firm has a market cap of $113.38 billion, a PE ratio of -72.01, a price-to-earnings-growth ratio of 0.20 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. Equities analysts forecast that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. UBS Group reduced their price objective on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Wolfe Research raised their price target on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Susquehanna lowered their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. KeyCorp cut their target price on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $143.23.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.32% 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.