Micron Technology (NASDAQ:MU) Shares Down 1%

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded down 1% on Friday . The stock traded as low as $117.35 and last traded at $117.89. 21,047,778 shares traded hands during trading, a decline of 26% from the average session volume of 28,482,330 shares. The stock had previously closed at $119.13.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Needham & Company LLC lifted their target price on Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Piper Sandler lifted their price target on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Morgan Stanley lifted their price target on Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a report on Thursday, March 21st. Susquehanna lifted their price target on Micron Technology from $90.00 to $112.00 and gave the company a “positive” rating in a report on Monday, December 18th. Finally, Citigroup lifted their price target on Micron Technology from $95.00 to $150.00 and gave the company a “buy” rating in a report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $118.69.

Micron Technology Stock Down 1.0 %

The business has a 50-day simple moving average of $91.35 and a two-hundred day simple moving average of $80.65. The stock has a market capitalization of $130.55 billion, a P/E ratio of -34.17 and a beta of 1.24. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the prior year, the business posted ($2.03) earnings per share. The business’s revenue was up 57.7% compared to the same quarter last year. Equities research analysts forecast that Micron Technology, Inc. will post 0.01 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $83.63, for a total transaction of $585,410.00. Following the transaction, the chief executive officer now owns 651,759 shares of the company’s stock, valued at $54,506,605.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 264,000 shares of company stock valued at $26,368,640. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Micron Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock valued at $8,106,001,000 after buying an additional 755,588 shares during the period. State Street Corp increased its holdings in shares of Micron Technology by 0.6% in the second quarter. State Street Corp now owns 46,193,578 shares of the semiconductor manufacturer’s stock worth $2,915,277,000 after acquiring an additional 282,292 shares in the last quarter. Sanders Capital LLC increased its holdings in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after acquiring an additional 503,923 shares in the last quarter. FMR LLC increased its holdings in shares of Micron Technology by 47.9% in the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after acquiring an additional 7,089,790 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Micron Technology by 1.3% in the first quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer’s stock worth $1,225,181,000 after acquiring an additional 253,179 shares in the last quarter. Institutional investors and hedge funds 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.