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

Micron Technology, Inc. (NASDAQ:MU)’s share price traded down 2.6% on Tuesday . The stock traded as low as $94.20 and last traded at $94.44. 7,446,097 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 22,731,537 shares. The stock had previously closed at $96.94.

Analyst Ratings Changes

A number of brokerages have recently commented on MU. UBS Group boosted their price target on Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, March 17th. Wells Fargo & Company cut their target price on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Mizuho reduced their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Robert W. Baird boosted their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, March 21st. Finally, Wedbush reiterated an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $129.96.

Micron Technology Stock Down 2.5 %

The firm has a market cap of $100.12 billion, a price-to-earnings ratio of 26.02 and a beta of 1.23. The firm has a 50 day moving average of $96.58 and a 200 day moving average of $98.41. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 EPS. As a group, sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. The ex-dividend date is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Monday, March 3rd. The stock was 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 of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sunbeam Capital Management LLC purchased a new position in Micron Technology in the 4th quarter worth approximately $26,000. Beacon Capital Management LLC boosted its holdings in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares in the last quarter. True Wealth Design LLC increased its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 296 shares during the last quarter. Midwest Capital Advisors LLC purchased a new position in shares of Micron Technology during the 4th quarter valued at about $33,000. Finally, Stone House Investment Management LLC lifted its position in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 277 shares during the last quarter. 80.84% of the stock is currently 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.