Micron Technology (NASDAQ:MU) Shares Down 1.7%

Micron Technology, Inc. (NASDAQ:MUGet Free Report) traded down 1.7% during mid-day trading on Tuesday . The stock traded as low as $125.42 and last traded at $126.03. 3,592,794 shares were traded during mid-day trading, a decline of 81% from the average session volume of 19,164,883 shares. The stock had previously closed at $128.17.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Morgan Stanley raised Micron Technology from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $98.00 to $130.00 in a research report on Monday, May 20th. Cantor Fitzgerald raised their price target on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21st. TD Cowen upped their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, March 21st. Finally, UBS Group lifted their target price on shares of Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $128.76.

View Our Latest Stock Report on Micron Technology

Micron Technology Price Performance

The stock has a 50 day simple moving average of $121.54 and a 200-day simple moving average of $98.68. The firm has a market cap of $148.07 billion, a PE ratio of -38.76 and a beta of 1.21. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MUGet Free Report) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the firm posted ($2.03) EPS. The company’s revenue was up 57.7% on a year-over-year basis. Equities analysts anticipate that Micron Technology, Inc. will post 0.29 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.34%. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $132.14, for a total value of $924,980.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $95,015,134.86. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $132.14, for a total transaction of $924,980.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $95,015,134.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 410,446 shares of company stock valued at $47,822,703. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors have recently added to or reduced their stakes in the business. EULAV Asset Management increased its position in shares of Micron Technology by 12.1% in the 1st quarter. EULAV Asset Management now owns 37,000 shares of the semiconductor manufacturer’s stock valued at $4,362,000 after acquiring an additional 4,000 shares during the period. Soltis Investment Advisors LLC purchased a new position in shares of Micron Technology in the first quarter worth about $245,000. Boston Partners raised its position in Micron Technology by 1.4% during the 1st quarter. Boston Partners now owns 4,536,283 shares of the semiconductor manufacturer’s stock worth $534,189,000 after buying an additional 61,127 shares during the last quarter. Cetera Advisors LLC boosted its position in Micron Technology by 81.5% in the 1st quarter. Cetera Advisors LLC now owns 66,698 shares of the semiconductor manufacturer’s stock worth $7,863,000 after purchasing an additional 29,953 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Micron Technology by 161.3% during the 1st quarter. Cetera Investment Advisers now owns 193,549 shares of the semiconductor manufacturer’s stock valued at $22,817,000 after purchasing an additional 119,489 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

About Micron Technology

(Get Free Report)

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.

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