Micron Technology (NASDAQ:MU) Shares Down 2.2% – What’s Next?

Shares of Micron Technology, Inc. (NASDAQ:MU) traded down 2.2% on Friday . The stock traded as low as $96.90 and last traded at $96.96. 4,589,895 shares changed hands during trading, a decline of 79% from the average session volume of 21,615,963 shares. The stock had previously closed at $99.18.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MU. UBS Group dropped their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. China Renaissance assumed coverage on shares of Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price target for the company. Morgan Stanley lifted their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Rosenblatt Securities upped their price target on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Wedbush restated an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Trading Down 2.8 %

The business’s 50-day simple moving average is $101.13 and its 200-day simple moving average is $112.85. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The company has a market capitalization of $106.84 billion, a price-to-earnings ratio of 142.59 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company’s quarterly revenue was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. On average, research analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.48%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Large investors have recently modified their holdings of the business. Nwam LLC lifted its stake in Micron Technology by 50.0% in the first quarter. Nwam LLC now owns 9,604 shares of the semiconductor manufacturer’s stock valued at $1,144,000 after buying an additional 3,202 shares during the period. Banco Santander S.A. increased its holdings in shares of Micron Technology by 96.2% in the first quarter. Banco Santander S.A. now owns 94,799 shares of the semiconductor manufacturer’s stock worth $11,176,000 after purchasing an additional 46,488 shares during the period. M&G Plc bought a new stake in shares of Micron Technology during the 1st quarter worth $15,172,000. Intech Investment Management LLC boosted its position in Micron Technology by 6.5% during the first quarter. Intech Investment Management LLC now owns 44,025 shares of the semiconductor manufacturer’s stock valued at $5,190,000 after buying an additional 2,701 shares during the period. Finally, Alera Investment Advisors LLC purchased a new position in shares of Micron Technology in the first quarter valued at about $258,000. Institutional investors and hedge funds 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.