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

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded 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 session volume of 20,284,422 shares. The stock had previously closed at $111.93.

Wall Street Analysts Forecast Growth

Several analysts have commented on MU shares. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. raised their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Wedbush upped their price objective on Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a research note on Friday, April 12th. Finally, Cantor Fitzgerald raised their price target on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Price Performance

The stock has a market cap of $118.89 billion, a price-to-earnings ratio of -31.17 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The company’s fifty day moving average is $102.53 and its two-hundred day moving average is $86.40.

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

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.43%. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Insider Transactions at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the completion of the sale, the chief executive officer now owns 788,557 shares in the company, valued at $70,970,130. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the sale, the chief executive officer now owns 788,557 shares in the company, valued at $70,970,130. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were 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 of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 313,890 shares of company stock valued at $33,617,027. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of 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 in the last quarter. State Street Corp grew its stake in shares of Micron Technology by 2.4% during the 1st quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer’s stock worth $2,770,316,000 after purchasing an additional 1,074,820 shares during the period. Sanders Capital LLC increased its holdings in shares of Micron Technology by 2.3% in the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares in the last quarter. FMR LLC lifted its stake 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 valued at $1,489,801,000 after purchasing an additional 7,089,790 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Micron Technology by 1.3% during the 1st 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. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.