Micron Technology (NASDAQ:MU) Stock Price Down 4%

Micron Technology, Inc. (NASDAQ:MU)’s stock price dropped 4% during mid-day trading on Thursday . The stock traded as low as $105.34 and last traded at $105.38. Approximately 6,078,894 shares changed hands during trading, a decline of 71% from the average daily volume of 20,924,223 shares. The stock had previously closed at $109.82.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent analyst reports. Needham & Company LLC boosted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Raymond James upped their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Wells Fargo & Company upped their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Mizuho raised their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, Susquehanna raised their price target on shares of Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research note on Monday, June 17th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus price target of $158.72.

Micron Technology Stock Down 8.6 %

The company has a market cap of $111.36 billion, a price-to-earnings ratio of -74.21 and a beta of 1.18. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $129.76 and its 200-day moving average price is $112.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the previous year, the business earned ($1.57) EPS. The firm’s revenue was up 81.5% on a year-over-year basis. Sell-side analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.46%. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Activity at Micron Technology

In related news, EVP Manish H. Bhatia sold 53,317 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the sale, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Manish H. Bhatia sold 53,317 shares of the business’s 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 sale, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 174,730 shares of company stock valued at $22,485,299. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parsons Capital Management Inc. RI acquired a new position in Micron Technology in the 4th quarter valued at about $205,000. Physician Wealth Advisors Inc. bought a new stake in shares of Micron Technology during the 4th quarter worth approximately $202,000. Beacon Financial Advisory LLC bought a new stake in shares of Micron Technology during the 4th quarter worth approximately $216,000. StrategIQ Financial Group LLC bought a new stake in shares of Micron Technology during the 4th quarter worth approximately $204,000. Finally, Trust Point Inc. bought a new stake in shares of Micron Technology during the 4th quarter worth approximately $331,000. 80.84% of the stock is owned by 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.