Micron Technology (NASDAQ:MU) Stock Price Down 2.2%

Micron Technology, Inc. (NASDAQ:MU)’s share price traded down 2.2% during mid-day trading on Tuesday . The stock traded as low as $106.16 and last traded at $106.20. 4,902,146 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 21,311,518 shares. The stock had previously closed at $108.63.

Analysts Set New Price Targets

MU has been the topic of several research analyst reports. Piper Sandler lifted their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wedbush reiterated an “outperform” rating and set a $170.00 price objective on shares of Micron Technology in a research report on Thursday, June 27th. Stifel Nicolaus lifted their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Citigroup lifted their price objective on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Wolfe Research lifted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $157.92.

Micron Technology Trading Down 0.1 %

The business’s 50 day simple moving average is $121.29 and its 200-day simple moving average is $113.69. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The stock has a market capitalization of $120.39 billion, a P/E ratio of -76.46 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the previous year, the business earned ($1.57) EPS. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. As a group, analysts forecast that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Activity

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 value of $924,980.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $95,015,134.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $132.14, for a total transaction of $924,980.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $95,015,134.86. The disclosure for this sale can be found here. Insiders sold 60,174 shares of company stock valued at $8,635,073 in the last quarter. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MU. Atria Investments Inc raised its stake in Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares during the last quarter. Aspect Partners LLC raised its stake in Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 94 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after buying an additional 98 shares during the last quarter. Ameritas Advisory Services LLC raised its stake in Micron Technology by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after buying an additional 98 shares during the last quarter. Finally, LRI Investments LLC raised its stake in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 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.