Micron Technology (NASDAQ:MU) Shares Gap Down to $129.00

Micron Technology, Inc. (NASDAQ:MU) gapped down before the market opened on Tuesday . The stock had previously closed at $129.00, but opened at $124.20. Micron Technology shares last traded at $126.49, with a volume of 3,703,053 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley raised shares of Micron Technology from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $98.00 to $130.00 in a research report on Monday. Citigroup restated a “buy” rating and issued a $150.00 price target on shares of Micron Technology in a research note on Thursday, April 4th. Piper Sandler lifted their price target on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Cantor Fitzgerald lifted their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, KeyCorp lifted their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.92.

Micron Technology Price Performance

The firm’s 50-day moving average price is $116.63 and its 200 day moving average price is $94.91. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

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. The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.03) earnings per share. Equities research analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s payout ratio is currently -13.33%.

Insider Buying and Selling

In related news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $94.26, for a total transaction of $659,820.00. Following the completion of the sale, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $74,329,382.82. The disclosure for this sale can be found here. Insiders sold 410,446 shares of company stock valued at $47,304,703 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MGO One Seven LLC lifted its stake in Micron Technology by 247.3% during the third quarter. MGO One Seven LLC now owns 13,713 shares of the semiconductor manufacturer’s stock valued at $933,000 after buying an additional 9,765 shares in the last quarter. Signaturefd LLC lifted its stake in Micron Technology by 5.9% during the third quarter. Signaturefd LLC now owns 20,648 shares of the semiconductor manufacturer’s stock valued at $1,405,000 after buying an additional 1,152 shares in the last quarter. Syon Capital LLC acquired a new position in shares of Micron Technology in the 3rd quarter valued at about $501,000. NBC Securities Inc. acquired a new position in shares of Micron Technology in the 3rd quarter valued at about $1,078,000. Finally, Empower Advisory Group LLC increased its holdings in shares of Micron Technology by 4.1% in the 3rd quarter. Empower Advisory Group LLC now owns 4,935 shares of the semiconductor manufacturer’s stock valued at $336,000 after purchasing an additional 194 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

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.