Micron Technology, Inc. Declares Quarterly Dividend of $0.12 (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) announced a quarterly dividend on Wednesday, June 26th, Zacks reports. Shareholders of record on Monday, July 8th will be given a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, July 23rd. This represents a $0.46 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Monday, July 8th.

Micron Technology has a payout ratio of 5.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Micron Technology to earn $7.06 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 6.5%.

Micron Technology Trading Down 0.0 %

NASDAQ:MU opened at $132.22 on Friday. 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 firm has a 50-day moving average of $127.16 and a 200-day moving average of $105.52. The company has a market cap of $146.42 billion, a PE ratio of -93.12 and a beta of 1.21. Micron Technology has a one year low of $60.50 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.03%. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the firm posted ($1.57) earnings per share. The firm’s revenue for the quarter was up 81.5% on a year-over-year basis. As a group, equities research analysts expect that Micron Technology will post 0.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MU has been the topic of a number of research analyst reports. Wolfe Research boosted their target price on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. The Goldman Sachs Group upped their price target on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday. Raymond James upped their price target on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. StockNews.com upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Morgan Stanley upped their price target on shares of Micron Technology from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $158.52.

Insiders Place Their Bets

In related news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now owns 319,119 shares in the company, valued at $38,032,602.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The disclosure for this sale can be found here. Insiders sold a total of 304,840 shares of company stock worth $37,961,924 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

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.