Micron Technology (NASDAQ:MU) Shares Down 2.3%

Micron Technology, Inc. (NASDAQ:MU) was down 2.3% during mid-day trading on Tuesday . The stock traded as low as $105.21 and last traded at $105.38. Approximately 5,437,346 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 20,860,693 shares. The stock had previously closed at $107.85.

Analyst Ratings Changes

Several analysts have recently commented on MU shares. Citigroup increased their price objective on Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, June 24th. JPMorgan Chase & Co. raised their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities restated a “buy” rating and set a $225.00 price objective on shares of Micron Technology in a report on Tuesday, June 25th. Robert W. Baird lifted their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research note on Monday, June 24th. Finally, Wells Fargo & Company boosted their price target on Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $158.72.

Micron Technology Stock Down 4.0 %

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’s 50 day moving average is $130.59 and its 200-day moving average is $112.42. The stock has a market cap of $114.81 billion, a price-to-earnings ratio of -74.21 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.57) earnings per share. On average, sell-side analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now 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 accessible through this link. Also, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. Insiders have sold a total of 214,730 shares of company stock worth $26,897,699 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC lifted its position in Micron Technology by 0.8% during the second quarter. International Assets Investment Management LLC now owns 107,267 shares of the semiconductor manufacturer’s stock worth $14,109,000 after buying an additional 901 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Micron Technology by 3.3% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 122,067 shares of the semiconductor manufacturer’s stock valued at $16,055,000 after purchasing an additional 3,934 shares during the period. Signaturefd LLC raised its position in Micron Technology by 5.4% in the second quarter. Signaturefd LLC now owns 23,390 shares of the semiconductor manufacturer’s stock valued at $3,076,000 after purchasing an additional 1,188 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Micron Technology by 8.0% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,375,888 shares of the semiconductor manufacturer’s stock valued at $180,971,000 after purchasing an additional 101,854 shares during the period. Finally, Modera Wealth Management LLC raised its position in Micron Technology by 4.9% in the second quarter. Modera Wealth Management LLC now owns 3,562 shares of the semiconductor manufacturer’s stock valued at $469,000 after purchasing an additional 168 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

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.