Micron Technology (NASDAQ:MU) Stock Price Down 4.8% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded down 4.8% during trading on Monday . The company traded as low as $87.63 and last traded at $88.52. 5,301,901 shares were traded during mid-day trading, a decline of 76% from the average session volume of 21,774,410 shares. The stock had previously closed at $92.96.

Wall Street Analyst Weigh In

MU has been the topic of several recent analyst reports. Mizuho dropped their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, December 19th. Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. Needham & Company LLC dropped their price target on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Morgan Stanley reduced their price objective on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group dropped their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology Trading Down 6.3 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm’s fifty day moving average is $95.99 and its two-hundred day moving average is $98.29. The firm has a market capitalization of $97.02 billion, a PE ratio of 25.10 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.95) earnings per share. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. IronOak Wealth LLC. purchased a new stake in shares of Micron Technology during the 4th quarter valued at approximately $846,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Micron Technology during the fourth quarter worth $148,000. Total Wealth Planning & Management Inc. bought a new position in shares of Micron Technology in the fourth quarter worth $599,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Micron Technology in the fourth quarter valued at $103,085,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Micron Technology during the 4th quarter valued at $42,000. 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.