Micron Technology (NASDAQ:MU) Stock Price Down 3.6% – Time to Sell?

Micron Technology, Inc. (NASDAQ:MU)’s stock price dropped 3.6% on Thursday . The stock traded as low as $103.35 and last traded at $105.32. Approximately 8,754,508 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 24,390,479 shares. The stock had previously closed at $109.23.

Analysts Set New Price Targets

MU has been the subject of a number of research reports. Wells Fargo & Company decreased their price objective on Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. JPMorgan Chase & Co. decreased their price objective on Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. KeyCorp decreased their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. Finally, Mizuho decreased their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $135.24.

Micron Technology Trading Down 3.9 %

The business has a 50 day moving average of $98.11 and a two-hundred day moving average of $101.70. 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 firm has a market capitalization of $116.99 billion, a price-to-earnings ratio of 30.23 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.95) earnings per share. Equities analysts predict that Micron Technology, Inc. will post 6.25 EPS for the current 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 issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio is presently 13.26%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was 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 approximately $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Large investors have recently made changes to their positions in the stock. Highline Wealth Partners LLC bought a new stake in Micron Technology during the third quarter worth about $26,000. Davis Capital Management purchased a new position in Micron Technology during the 3rd quarter valued at about $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Micron Technology during the 2nd quarter valued at about $39,000. Stone House Investment Management LLC increased its holdings in Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares during the period. Finally, True Wealth Design LLC increased its holdings in Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 296 shares during the period. 80.84% of the stock is owned by institutional investors.

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.