Micron Technology (NASDAQ:MU) Stock Price Down 0.2%

Micron Technology, Inc. (NASDAQ:MU) shares dropped 0.2% on Wednesday . The stock traded as low as $126.40 and last traded at $127.22. Approximately 3,264,691 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 19,454,016 shares. The stock had previously closed at $127.50.

Analysts Set New Price Targets

MU has been the subject of a number of research reports. Wells Fargo & Company boosted their price target on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Stifel Nicolaus restated a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a report on Friday, April 12th. Argus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a report on Thursday, March 21st. Mizuho raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Piper Sandler raised their price target on shares of Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.92.

Micron Technology Stock Up 2.6 %

The business has a 50-day simple moving average of $117.33 and a two-hundred day simple moving average of $95.13. The stock has a market capitalization of $143.39 billion, a P/E ratio of -37.59 and a beta of 1.27. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business’s revenue was up 57.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($2.03) earnings per share. Equities research analysts forecast that Micron Technology, Inc. will post 0.29 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Thursday, March 28th. Micron Technology’s payout ratio is presently -13.33%.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $127.66, for a total value of $893,620.00. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $91,793,795.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $127.66, for a total value of $893,620.00. Following the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $91,793,795.34. The disclosure for this sale can be found here. Insiders have sold a total of 417,446 shares of company stock worth $48,198,323 over the last 90 days. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. DecisionPoint Financial LLC bought a new position in shares of Micron Technology during the 1st quarter worth approximately $25,000. Valued Wealth Advisors LLC boosted its stake in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares during the period. Tidemark LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $26,000. Finally, Riverview Trust Co bought a new position in shares of Micron Technology during the 1st quarter worth approximately $39,000. 80.84% of the stock is currently owned by institutional investors.

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.