Micron Technology (NASDAQ:MU) Shares Down 0.5% – What’s Next?

Micron Technology, Inc. (NASDAQ:MU)’s stock price fell 0.5% during mid-day trading on Wednesday . The stock traded as low as $88.23 and last traded at $89.28. 13,021,257 shares were traded during trading, a decline of 41% from the average session volume of 21,997,564 shares. The stock had previously closed at $89.72.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. The Goldman Sachs Group decreased their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Cantor Fitzgerald reduced their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Wedbush reissued an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research note on Tuesday, December 17th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $135.24.

Micron Technology Price Performance

The firm has a market cap of $99.47 billion, a P/E ratio of 131.30 and a beta of 1.16. The company has a fifty day moving average of $102.47 and a 200-day moving average of $107.79. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period last year, the firm earned ($0.95) earnings per share. The firm’s revenue was up 84.3% on a year-over-year basis. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be given a $0.115 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.52%. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of the company. Independent Solutions Wealth Management LLC increased its position in Micron Technology by 30.7% in the third quarter. Independent Solutions Wealth Management LLC now owns 20,958 shares of the semiconductor manufacturer’s stock worth $2,174,000 after buying an additional 4,921 shares during the last quarter. Principal Financial Group Inc. raised its stake in Micron Technology by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock valued at $130,253,000 after acquiring an additional 52,912 shares during the period. Dantai Capital Ltd lifted its holdings in Micron Technology by 25.0% during the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock valued at $2,380,000 after purchasing an additional 4,590 shares during the last quarter. Franklin Resources Inc. boosted its position in Micron Technology by 4.6% during the third quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock worth $789,054,000 after purchasing an additional 321,955 shares during the period. Finally, Peapack Gladstone Financial Corp raised its position in shares of Micron Technology by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock valued at $1,359,000 after purchasing an additional 411 shares during the period. Hedge funds and other 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.