Micron Technology (NASDAQ:MU) Shares Down 2.2%

Micron Technology, Inc. (NASDAQ:MU) traded down 2.2% during trading on Friday . The company traded as low as $108.64 and last traded at $109.43. 9,010,284 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 20,284,422 shares. The stock had previously closed at $111.93.

Analyst Upgrades and Downgrades

Several research firms recently commented on MU. Stifel Nicolaus reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Friday, April 12th. UBS Group increased their price objective on Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. TD Cowen increased their price objective on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Monday, March 18th. Finally, Cantor Fitzgerald increased their price objective on Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Price Performance

The firm has a market cap of $118.23 billion, a PE ratio of -30.95 and a beta of 1.27. The firm has a fifty day simple moving average of $102.95 and a two-hundred day simple moving average of $86.80. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.03) EPS. Equities analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the completion of the sale, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at approximately $70,970,130. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last three months, insiders sold 313,890 shares of company stock valued at $33,617,027. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp raised its position in shares of Micron Technology by 0.7% in the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after acquiring an additional 80,345 shares in the last quarter. L2 Asset Management LLC grew its stake in Micron Technology by 492.3% during the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock worth $1,799,000 after buying an additional 21,979 shares during the last quarter. Invesco Ltd. grew its stake in Micron Technology by 11.8% during the 3rd quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock worth $599,203,000 after buying an additional 927,302 shares during the last quarter. Merlin Capital Inc purchased a new position in Micron Technology during the 3rd quarter worth $407,000. Finally, Amitell Capital Pte Ltd grew its stake in Micron Technology by 97.9% during the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock worth $6,477,000 after buying an additional 47,105 shares during the last quarter. 80.84% of the stock is owned by 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.