Micron Technology (NASDAQ:MU) Stock Price Down 2.2%

Micron Technology, Inc. (NASDAQ:MU) shares were down 2.2% during trading on Friday . The company traded as low as $108.64 and last traded at $109.43. Approximately 9,010,284 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 20,284,422 shares. The stock had previously closed at $111.93.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wedbush increased their price objective on shares of Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. upped their target price on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. UBS Group boosted their price target on Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Needham & Company LLC lifted their price objective on Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, The Goldman Sachs Group raised their price target on Micron Technology from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Stock Performance

The company has a 50 day moving average price of $102.53 and a 200 day moving average price of $86.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The company has a market capitalization of $118.89 billion, a price-to-earnings ratio of -31.17 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the previous year, the business posted ($2.03) EPS. Micron Technology’s quarterly revenue was up 57.7% on a year-over-year basis. Equities research analysts predict that Micron Technology, Inc. will post 0.24 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, April 16th. Stockholders of record on Monday, April 1st were paid a $0.115 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. Micron Technology’s payout ratio is -13.33%.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total value of $611,870.00. Following the completion of the transaction, the chief executive officer now directly owns 642,251 shares of the company’s stock, valued at $56,139,159.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the completion of the sale, the chief executive officer now directly owns 642,251 shares in the company, valued at approximately $56,139,159.91. The disclosure for this sale can be found here. Insiders sold a total of 313,890 shares of company stock worth $33,617,027 over the last quarter. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northern Trust Corp grew its position in shares of Micron Technology by 0.7% during the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after purchasing an additional 80,345 shares in the last quarter. L2 Asset Management LLC grew its position in Micron Technology by 492.3% during the third quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock worth $1,799,000 after buying an additional 21,979 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Micron Technology by 11.8% in the 3rd quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock valued at $599,203,000 after acquiring an additional 927,302 shares in the last quarter. Merlin Capital Inc bought a new stake in shares of Micron Technology during the 3rd quarter valued at about $407,000. Finally, Amitell Capital Pte Ltd boosted its position in shares of Micron Technology by 97.9% during the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after acquiring an additional 47,105 shares during the last quarter. Institutional investors 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.