Micron Technology, Inc. (NASDAQ:MU) Announces $0.12 Quarterly Dividend

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) declared a quarterly dividend on Friday, March 21st, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, April 15th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, March 31st.

Micron Technology has raised its dividend by an average of 32.0% annually over the last three years. Micron Technology has a payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Micron Technology to earn $10.67 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 4.3%.

Micron Technology Price Performance

Shares of NASDAQ MU traded up $2.22 during mid-day trading on Monday, reaching $96.94. The company had a trading volume of 33,650,666 shares, compared to its average volume of 22,545,638. The firm has a market cap of $108.01 billion, a price-to-earnings ratio of 27.94 and a beta of 1.23. The business's 50-day simple moving average is $96.82 and its 200 day simple moving average is $98.34. Micron Technology has a one year low of $83.54 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company's revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. On average, research analysts predict that Micron Technology will post 6.08 earnings per share for the current fiscal year.

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Analyst Upgrades and Downgrades

MU has been the topic of several research reports. TD Cowen reduced their price target on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a report on Thursday, December 19th. Needham & Company LLC cut their target price on Micron Technology from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. decreased their price target on Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday. Robert W. Baird boosted their price objective on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Mizuho dropped their target price on shares of Micron Technology from $135.00 to $115.00 and set an "outperform" rating on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $132.63.

Insider Activity at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

A hedge fund recently raised its stake in Micron Technology stock. Brighton Jones LLC raised its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,318 shares of the semiconductor manufacturer's stock after purchasing an additional 976 shares during the period. Brighton Jones LLC's holdings in Micron Technology were worth $532,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 80.84% of the company's stock.

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.