Micron Technology (NASDAQ:MU) Shares Down 2.6% – Here’s Why

Shares of Micron Technology, Inc. (NASDAQ:MU) fell 2.6% on Wednesday . The stock traded as low as $100.31 and last traded at $101.80. 19,275,679 shares were traded during trading, an increase of 20% from the average session volume of 16,107,520 shares. The stock had previously closed at $104.48.

Wall Street Analysts Forecast Growth

Several research firms have commented on MU. Raymond James upped their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Rosenblatt Securities raised their price objective on shares of Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Morgan Stanley lifted their price target on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Wedbush reissued an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. Finally, Stifel Nicolaus reduced their price target on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Down 2.6 %

The company has a market cap of $112.87 billion, a P/E ratio of 149.71 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $103.07 and its 200 day moving average is $111.90.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business’s revenue was up 93.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.21) earnings per share. As a group, equities analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.45%. 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 stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Micron Technology during the 2nd quarter worth $28,000. Davis Capital Management purchased a new position in shares of Micron Technology during the 3rd quarter worth approximately $30,000. True Wealth Design LLC grew its holdings in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares during the period. Finally, Richard W. Paul & Associates LLC raised its stake in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.