Micron Technology (NASDAQ:MU) Shares Down 0.6%

Micron Technology, Inc. (NASDAQ:MU)’s stock price fell 0.6% during mid-day trading on Tuesday . The company traded as low as $92.76 and last traded at $93.01. 7,075,253 shares were traded during trading, a decline of 67% from the average session volume of 21,345,795 shares. The stock had previously closed at $93.57.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MU. JPMorgan Chase & Co. increased their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Wolfe Research upped their target price on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Needham & Company LLC decreased their price target on Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Citigroup dropped their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, Piper Sandler lifted their target price on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $145.65.

Micron Technology Price Performance

The stock has a market cap of $104.61 billion, a PE ratio of -65.50 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The business has a 50 day moving average price of $99.06 and a two-hundred day moving average price of $114.79.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the firm earned ($1.57) EPS. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. Research analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Micron Technology by 1.8% in the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after acquiring an additional 1,681,815 shares in the last quarter. Capital World Investors increased its position in shares of Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after purchasing an additional 1,400,154 shares during the last quarter. Sanders Capital LLC increased its position in shares of Micron Technology by 2.3% during the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares during the last quarter. Capital International Investors raised its holdings in shares of Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after buying an additional 2,397,885 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. 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.