Micron Technology (NASDAQ:MU) Trading Down 3.1%

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MU shares. Morgan Stanley lifted their price objective on Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research report on Thursday, March 21st. Wells Fargo & Company lifted their price objective on Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. TD Cowen lifted their price objective on Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Piper Sandler boosted their target price on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Finally, Citigroup reaffirmed a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Trading Down 2.7 %

The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $107.28 and a 200 day moving average of $89.05. The firm 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 issued its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (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 for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the firm posted ($2.03) EPS. The business’s revenue for the quarter was up 57.7% compared to the same quarter last year. Equities analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Insider Transactions at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total value of $783,510.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $80,483,154.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 261,890 shares of company stock valued at $29,129,527. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Micron Technology

Several institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC purchased a new stake in shares of Micron Technology during the fourth quarter worth about $25,000. DecisionPoint Financial LLC bought a new position in Micron Technology in the first quarter worth about $25,000. Pingora Partners LLC bought a new position in Micron Technology in the fourth quarter worth about $26,000. OFI Invest Asset Management bought a new position in Micron Technology in the third quarter worth about $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Micron Technology in the third quarter worth about $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.