Micron Technology (NASDAQ:MU) Trading Down 0.1% – What’s Next?

Micron Technology, Inc. (NASDAQ:MU) shares dropped 0.1% during mid-day trading on Wednesday . The company traded as low as $96.53 and last traded at $97.59. Approximately 2,854,752 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 21,527,336 shares. The stock had previously closed at $97.73.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MU shares. Wedbush reissued an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Citigroup cut their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Rosenblatt Securities upped their price target on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and cut their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Wells Fargo & Company decreased their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Trading Up 4.1 %

The stock has a market capitalization of $113.57 billion, a price-to-earnings ratio of 150.63 and a beta of 1.18. The business has a 50-day moving average of $102.23 and a 200-day moving average of $112.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period in the previous year, the company posted ($1.21) EPS. As a group, research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s payout ratio is 67.65%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently bought and sold shares of the company. SkyView Investment Advisors LLC raised its holdings in shares of Micron Technology by 3.7% in the third quarter. SkyView Investment Advisors LLC now owns 6,696 shares of the semiconductor manufacturer’s stock worth $694,000 after acquiring an additional 241 shares during the last quarter. SOA Wealth Advisors LLC. raised its stake in Micron Technology by 37.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,189 shares of the semiconductor manufacturer’s stock valued at $123,000 after purchasing an additional 325 shares during the last quarter. TCW Group Inc. lifted its holdings in Micron Technology by 0.4% in the 3rd quarter. TCW Group Inc. now owns 494,195 shares of the semiconductor manufacturer’s stock valued at $51,253,000 after purchasing an additional 1,863 shares in the last quarter. Soltis Investment Advisors LLC boosted its stake in shares of Micron Technology by 6.1% during the 3rd quarter. Soltis Investment Advisors LLC now owns 2,808 shares of the semiconductor manufacturer’s stock worth $291,000 after purchasing an additional 161 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in shares of Micron Technology by 30.2% during the third quarter. Sunbelt Securities Inc. now owns 1,260 shares of the semiconductor manufacturer’s stock worth $131,000 after buying an additional 292 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.