Micron Technology (NASDAQ:MU) Trading Down 0.1% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s stock price was down 0.1% on Wednesday . The stock traded as low as $107.76 and last traded at $109.30. Approximately 7,415,326 shares changed hands during trading, a decline of 70% from the average daily volume of 24,711,525 shares. The stock had previously closed at $109.38.

Analysts Set New Price Targets

MU has been the subject of a number of research analyst reports. Wedbush reissued an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Tuesday, December 17th. Stifel Nicolaus decreased their target price on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. TD Cowen dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Cantor Fitzgerald reduced their price objective on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Finally, Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.24.

Micron Technology Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market capitalization of $122.43 billion, a price-to-earnings ratio of 31.67 and a beta of 1.18. The company’s 50 day moving average is $97.92 and its 200 day moving average is $101.65.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.95) earnings per share. On average, research analysts forecast that Micron Technology, Inc. will post 6.25 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were given a dividend of $0.115 per share. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

Several hedge funds have recently modified their holdings of MU. Highline Wealth Partners LLC bought a new stake in Micron Technology during the 3rd quarter worth about $26,000. Davis Capital Management bought a new position in Micron Technology during the 3rd quarter worth about $30,000. True Wealth Design LLC raised its position in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares during the last quarter. DT Investment Partners LLC lifted its position in shares of Micron Technology by 261.1% in the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC boosted its holdings in Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 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.