Micron Technology (NASDAQ:MU) Shares Down 0.6% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU) was down 0.6% during trading on Tuesday . The stock traded as low as $97.37 and last traded at $98.09. Approximately 3,084,815 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 23,435,017 shares. The stock had previously closed at $98.65.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MU. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Micron Technology in a research note on Monday, April 28th. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Barclays lowered their price target on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley cut their price target on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Finally, UBS Group cut their price target on shares of Micron Technology from $130.00 to $92.00 and set a “buy” rating on the stock in a research report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.48.

Micron Technology Trading Down 0.9%

The stock has a market cap of $109.30 billion, a P/E ratio of 28.06 and a beta of 1.21. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $83.19 and its two-hundred day simple moving average is $92.55.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the business earned $0.42 EPS. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. As a group, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Activity at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the sale, the director now owns 24,954 shares in the company, valued at $1,996,320. This trade represents a 8.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,808 shares of company stock worth $1,858,424 over the last three months. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sunbeam Capital Management LLC purchased a new stake in Micron Technology in the 4th quarter worth approximately $26,000. Beacon Capital Management LLC raised its position in shares of Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after buying an additional 200 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology in the first quarter worth $33,000. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology in the fourth quarter worth $33,000. Finally, Roxbury Financial LLC grew its position in Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock worth $37,000 after buying an additional 300 shares in the last quarter. 80.84% of the stock is currently 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.