Micron Technology (NASDAQ:MU) Stock Price Down 1.6% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s stock price was down 1.6% on Tuesday . The stock traded as low as $100.29 and last traded at $101.48. Approximately 4,224,556 shares changed hands during trading, a decline of 81% from the average daily volume of 22,698,897 shares. The stock had previously closed at $103.11.

Analysts Set New Price Targets

Several analysts have recently weighed in on MU shares. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Micron Technology in a research report on Wednesday, December 18th. Wedbush reiterated an “outperform” rating and set a $125.00 price target on shares of Micron Technology in a research note on Monday. Cantor Fitzgerald decreased their price target on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Sanford C. Bernstein reduced their target price on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $134.16.

Micron Technology Trading Up 0.3 %

The business’s 50-day simple moving average is $96.84 and its two-hundred day simple moving average is $98.19. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The stock has a market capitalization of $113.71 billion, a price-to-earnings ratio of 29.41 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the previous year, the company posted ($0.95) earnings per share. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. On average, research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Micron Technology by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock valued at $8,403,982,000 after acquiring an additional 888,087 shares during the last quarter. State Street Corp lifted its holdings in Micron Technology by 3.1% in the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after acquiring an additional 1,434,568 shares during the last quarter. FMR LLC lifted its holdings in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after acquiring an additional 12,249,341 shares during the last quarter. Capital World Investors lifted its holdings in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. Finally, Primecap Management Co. CA lifted its holdings in Micron Technology by 0.6% in the 3rd quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock valued at $3,902,800,000 after acquiring an additional 206,499 shares during the last quarter. 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.