Micron Technology, Inc. (NASDAQ:MU) to Issue $0.12 Quarterly Dividend

Micron Technology, Inc. (NASDAQ:MU) declared a quarterly dividend on Wednesday, June 26th, Zacks reports. Shareholders of record on Monday, July 8th will be paid a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, July 23rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Monday, July 8th.

Micron Technology has a dividend payout ratio of 5.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Micron Technology to earn $7.06 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 6.5%.

Micron Technology Trading Down 0.0 %

Shares of MU opened at $132.22 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The firm has a 50 day simple moving average of $127.16 and a 200-day simple moving average of $105.52. Micron Technology has a 1-year low of $60.50 and a 1-year high of $157.54. The stock has a market cap of $146.42 billion, a price-to-earnings ratio of -93.12 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.03%. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same period last year, the company posted ($1.57) EPS. The company’s revenue was up 81.5% on a year-over-year basis. Equities analysts forecast that Micron Technology will post 0.35 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MU shares. Needham & Company LLC raised their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday. Cantor Fitzgerald lifted their target price on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Stifel Nicolaus lifted their target price on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. The Goldman Sachs Group lifted their target price on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Mizuho lifted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $158.52.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $123.42, for a total transaction of $1,851,300.00. Following the sale, the senior vice president now owns 138,387 shares in the company, valued at $17,079,723.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. Insiders sold 304,840 shares of company stock valued at $37,961,924 in the last ninety days. Company insiders own 0.32% of the company’s stock.

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.