Micron Technology (NASDAQ:MU) Shares Down 0.9%

Micron Technology, Inc. (NASDAQ:MU) dropped 0.9% on Tuesday . The stock traded as low as $118.36 and last traded at $120.22. Approximately 6,460,359 shares traded hands during trading, a decline of 68% from the average daily volume of 20,075,352 shares. The stock had previously closed at $121.37.

Wall Street Analysts Forecast Growth

MU has been the topic of several research analyst reports. StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Evercore ISI raised their target price on Micron Technology from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, December 21st. Wedbush raised their target price on Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Barclays raised their target price on Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. Finally, Citigroup reissued a “buy” rating and set a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Stock Down 4.5 %

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 fifty day moving average price of $101.98 and a 200 day moving average price of $86.22.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period last year, the firm earned ($2.03) EPS. As a group, research analysts forecast that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.40%. Micron Technology’s dividend payout ratio is presently -13.33%.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $70,970,130. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $70,970,130. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was 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 of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 313,890 shares of company stock valued at $33,617,027. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Micron Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock valued at $8,106,001,000 after buying an additional 755,588 shares in the last quarter. State Street Corp grew its stake in shares of Micron Technology by 2.4% in the first quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer’s stock valued at $2,770,316,000 after buying an additional 1,074,820 shares in the last quarter. Sanders Capital LLC grew its stake in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after buying an additional 503,923 shares in the last quarter. FMR LLC grew its stake in shares of Micron Technology by 47.9% in the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after buying an additional 7,089,790 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Micron Technology by 1.3% in the first quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer’s stock valued at $1,225,181,000 after buying an additional 253,179 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

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.