Micron Technology (NASDAQ:MU) Shares Down 0.4% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s share price dropped 0.4% during trading on Friday . The company traded as low as $96.87 and last traded at $99.06. Approximately 7,561,489 shares were traded during trading, a decline of 74% from the average daily volume of 28,728,939 shares. The stock had previously closed at $99.41.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MU. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price objective on shares of Micron Technology in a research report on Wednesday, December 18th. TD Cowen lowered their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Stifel Nicolaus cut their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. JPMorgan Chase & Co. reduced their target price on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, The Goldman Sachs Group reduced their price objective on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.24.

Micron Technology Stock Down 0.1 %

The stock has a fifty day moving average of $98.68 and a 200 day moving average of $103.43. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The firm has a market capitalization of $110.67 billion, a P/E ratio of 146.09 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company 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 1.58% and a net margin of 3.10%. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.95) EPS. On average, research analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is 67.65%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the 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 owns 181,223 shares in the company, valued at $15,442,011.83. This trade 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 available through this link. 0.30% of the stock is currently owned by company insiders.

Institutional Trading of Micron Technology

Institutional investors have recently modified their holdings of the business. Highline Wealth Partners LLC purchased a new stake in shares of Micron Technology in the third quarter worth about $26,000. Davis Capital Management bought a new stake in Micron Technology during the 3rd quarter worth approximately $30,000. True Wealth Design LLC boosted its holdings 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 purchasing an additional 296 shares during the period. DT Investment Partners LLC grew its position in shares of Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC increased its holdings in shares of Micron Technology by 602.2% in 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 period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.