Micron Technology (NASDAQ:MU) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Micron Technology (NASDAQ:MU) from a buy rating to a hold rating in a report published on Saturday morning.

Several other equities research analysts have also recently commented on MU. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. UBS Group cut their price objective 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. JPMorgan Chase & Co. cut their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of Micron Technology in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $126.48.

Micron Technology Trading Down 1.5%

Shares of NASDAQ MU opened at $93.37 on Friday. The company’s fifty day moving average is $82.65 and its 200-day moving average is $92.07. The stock has a market cap of $104.35 billion, a price-to-earnings ratio of 26.91 and a beta of 1.21. Micron Technology has a twelve month low of $61.54 and a twelve month high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm’s revenue was up 38.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 EPS. Equities research analysts predict that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. Micron Technology’s dividend payout ratio is presently 11.03%.

Insider Transactions at Micron Technology

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MU. Brighton Jones LLC grew its stake in Micron Technology by 18.3% in the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock valued at $532,000 after buying an additional 976 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in Micron Technology by 6.7% in the 4th quarter. Cornerstone Wealth Management LLC now owns 4,585 shares of the semiconductor manufacturer’s stock valued at $386,000 after buying an additional 289 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its stake in Micron Technology by 1.2% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 439,749 shares of the semiconductor manufacturer’s stock valued at $37,009,000 after buying an additional 5,188 shares during the last quarter. First Citizens Bank & Trust Co. grew its stake in Micron Technology by 6.3% in the 4th quarter. First Citizens Bank & Trust Co. now owns 5,855 shares of the semiconductor manufacturer’s stock valued at $493,000 after buying an additional 346 shares during the last quarter. Finally, Avaii Wealth Management LLC grew its stake in Micron Technology by 72.6% in the 4th quarter. Avaii Wealth Management LLC now owns 5,175 shares of the semiconductor manufacturer’s stock valued at $436,000 after buying an additional 2,176 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.