Micron Technology (NASDAQ:MU) Trading Down 3.4% After Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s share price was down 3.4% during mid-day trading on Monday after Morgan Stanley lowered their price target on the stock from $140.00 to $100.00. Morgan Stanley currently has an equal weight rating on the stock. Micron Technology traded as low as $85.92 and last traded at $88.12. Approximately 7,012,819 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 21,268,990 shares. The stock had previously closed at $91.22.

Other equities research analysts also recently issued reports about the company. Bank of America increased their price objective on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. Raymond James dropped their target price on Micron Technology from $160.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, September 12th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and dropped their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Robert W. Baird upped their target price on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research report on Monday, June 24th. Finally, JPMorgan Chase & Co. upped their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $150.77.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is owned by corporate insiders.

Institutional Trading of Micron Technology

Hedge funds have recently modified their holdings of the company. Tidemark LLC bought a new stake in shares of Micron Technology in the 4th quarter worth approximately $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology during the 1st quarter worth approximately $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology during the 2nd quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $29,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

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 firm has a market cap of $96.67 billion, a P/E ratio of -61.39 and a beta of 1.17. The company has a 50-day moving average of $103.31 and a 200 day moving average of $115.01.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s revenue was up 81.5% on a year-over-year basis. During the same quarter last year, the company earned ($1.57) EPS. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.53%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

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.