Micron Technology (NASDAQ:MU) Stock Price Down 1.8% on Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price fell 1.8% on Friday after Robert W. Baird lowered their price target on the stock from $172.00 to $150.00. Robert W. Baird currently has an outperform rating on the stock. Micron Technology traded as low as $107.79 and last traded at $107.95. 13,056,263 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 22,028,764 shares. The stock had previously closed at $109.88.

Other analysts also recently issued research reports about the company. Piper Sandler boosted their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Cantor Fitzgerald boosted their price objective on Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Citigroup lowered their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Mizuho upped their target price on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Wedbush restated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.38.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology during the second quarter valued at $28,000. DecisionPoint Financial LLC purchased a new position in Micron Technology in the first quarter worth about $25,000. Valued Wealth Advisors LLC boosted its position in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC boosted its position in Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares during the last quarter. Finally, LRI Investments LLC boosted its position in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Price Performance

The firm has a market capitalization of $119.20 billion, a PE ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The firm has a 50-day simple moving average of $97.63 and a 200-day simple moving average of $114.69.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same period last year, the firm posted ($1.21) earnings per share. As a group, equities analysts forecast that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s payout ratio is currently -32.39%.

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.