Micron Technology (NASDAQ:MU) Trading Down 3.1%

Micron Technology, Inc. (NASDAQ:MU)’s stock price dropped 3.1% during mid-day trading on Wednesday . The stock traded as low as $109.38 and last traded at $109.50. Approximately 4,775,433 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 20,224,328 shares. The stock had previously closed at $112.96.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MU shares. Piper Sandler lifted their price target on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Citigroup restated a “buy” rating and issued a $150.00 price objective on shares of Micron Technology in a research report on Thursday, April 4th. Raymond James boosted their price objective on Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Mizuho boosted their price objective on Micron Technology from $105.00 to $124.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Finally, Wedbush boosted their price objective on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The stock has a 50 day simple moving average of $107.28 and a two-hundred day simple moving average of $89.05. The company has a market cap of $121.74 billion, a PE ratio of -31.74 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the business earned ($2.03) earnings per share. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $111.93, for a total transaction of $783,510.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $80,483,154.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $111.93, for a total value of $783,510.00. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $80,483,154.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s 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 directly owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 261,890 shares of company stock valued at $29,129,527. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently modified their holdings of the stock. Tidemark LLC acquired a new position in shares of Micron Technology in the 4th quarter worth approximately $25,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the 1st quarter worth $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology during the fourth quarter worth $26,000. OFI Invest Asset Management acquired a new stake in shares of Micron Technology during the third quarter worth $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Micron Technology during the third quarter valued at $28,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.