Micron Technology, Inc. to Issue Quarterly Dividend of $0.12 (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) declared a quarterly dividend on Friday, March 21st, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, April 15th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st.

Micron Technology has raised its dividend payment by an average of 32.0% per year over the last three years. Micron Technology has a dividend payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Micron Technology to earn $10.67 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 4.3%.

Micron Technology Stock Performance

Shares of MU traded down $8.24 during trading hours on Friday, reaching $94.76. 53,128,368 shares of the company traded hands, compared to its average volume of 22,834,169. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average price of $96.92 and a 200-day moving average price of $98.22. Micron Technology has a 12-month low of $83.54 and a 12-month high of $157.54. The stock has a market capitalization of $105.58 billion, a P/E ratio of 27.31 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the business earned $0.42 EPS. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. Equities analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MU has been the subject of a number of analyst reports. Mizuho decreased their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Wedbush reissued an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a report on Monday. Cantor Fitzgerald restated an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research report on Friday. Rosenblatt Securities reduced their price objective on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Friday. Finally, Needham & Company LLC lowered their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average price target of $132.92.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

An institutional investor recently raised its position in Micron Technology stock. Brighton Jones LLC raised its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 18.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,318 shares of the semiconductor manufacturer’s stock after acquiring an additional 976 shares during the period. Brighton Jones LLC’s holdings in Micron Technology were worth $532,000 as of its most recent SEC filing. 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.