Micron Technology (NASDAQ:MU) Stock Price Down 3.2%

Micron Technology, Inc. (NASDAQ:MU) fell 3.2% during trading on Friday . The company traded as low as $86.17 and last traded at $86.51. 5,831,160 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 21,223,471 shares. The stock had previously closed at $89.39.

Analyst Upgrades and Downgrades

MU has been the subject of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $170.00 price target on shares of Micron Technology in a research report on Thursday, June 27th. UBS Group reduced their price target on Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Raymond James boosted their price target on Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Stifel Nicolaus boosted their price target on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Finally, KeyCorp cut their price objective on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.12.

Micron Technology Price Performance

The firm has a market cap of $95.33 billion, a price-to-earnings ratio of -60.53 and a beta of 1.18. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The company has a 50 day moving average of $109.63 and a 200 day moving average of $114.52.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s revenue was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.57) EPS. Equities research 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. Shareholders of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Monday, July 8th. 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 dated 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 completion of the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $109,496,781.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The disclosure for this sale can be found here. Insiders sold 46,174 shares of company stock worth $6,827,113 in the last quarter. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. Tidemark LLC acquired a new stake in Micron Technology during the fourth quarter worth approximately $25,000. DecisionPoint Financial LLC acquired a new stake in Micron Technology during the first quarter worth approximately $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the second quarter valued at approximately $28,000. Finally, Frank Rimerman Advisors LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at approximately $29,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.