Micron Technology (NASDAQ:MU) Trading Down 4.2% – Here’s Why

Shares of Micron Technology, Inc. (NASDAQ:MU) were down 4.2% during mid-day trading on Tuesday . The stock traded as low as $102.71 and last traded at $103.79. Approximately 7,060,417 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 22,218,840 shares. The stock had previously closed at $108.34.

Analysts Set New Price Targets

MU has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. Needham & Company LLC reissued a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. Bank of America boosted their target price on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Citigroup cut their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company cut their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $142.85.

Micron Technology Price Performance

The stock’s 50-day moving average price is $97.88 and its 200-day moving average price is $114.64. The company has a market capitalization of $124.25 billion, a price-to-earnings ratio of -78.91 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same period last year, the business posted ($1.21) earnings per share. Equities research analysts anticipate that Micron Technology, Inc. will post 8.31 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. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology’s dividend payout ratio is -32.39%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Claro Advisors LLC grew its position in shares of Micron Technology by 377.4% in the 3rd quarter. Claro Advisors LLC now owns 13,483 shares of the semiconductor manufacturer’s stock valued at $1,398,000 after acquiring an additional 10,659 shares during the period. V Square Quantitative Management LLC grew its position in shares of Micron Technology by 19.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 17,550 shares of the semiconductor manufacturer’s stock valued at $1,820,000 after acquiring an additional 2,808 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Micron Technology by 3.5% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 126,322 shares of the semiconductor manufacturer’s stock worth $13,101,000 after buying an additional 4,255 shares during the last quarter. Marathon Asset Management Ltd lifted its stake in shares of Micron Technology by 25.8% during the 3rd quarter. Marathon Asset Management Ltd now owns 564,684 shares of the semiconductor manufacturer’s stock worth $58,563,000 after buying an additional 115,695 shares during the last quarter. Finally, Ballast Inc. lifted its stake in shares of Micron Technology by 2.3% during the 3rd quarter. Ballast Inc. now owns 11,552 shares of the semiconductor manufacturer’s stock worth $1,198,000 after buying an additional 259 shares during the last quarter. Institutional investors own 80.84% 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.