Micron Technology (NASDAQ:MU) Shares Down 1% - Here's What Happened

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) was down 1% on Wednesday . The stock traded as low as $86.70 and last traded at $87.82. Approximately 3,443,990 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 22,675,899 shares. The stock had previously closed at $88.71.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Citigroup cut their price target on shares of Micron Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Robert W. Baird upped their target price on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research note on Friday, March 21st. Rosenblatt Securities decreased their price target on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, March 21st. UBS Group upped their price objective on Micron Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, March 17th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $130.00 target price on shares of Micron Technology in a report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $129.76.

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Micron Technology Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The firm has a market capitalization of $75.73 billion, a price-to-earnings ratio of 19.40 and a beta of 1.18. The firm has a fifty day moving average price of $92.96 and a 200 day moving average price of $98.09.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business's revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 EPS. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were 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 owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Institutional Trading of Micron Technology

Large investors have recently bought and sold shares of the company. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter valued at approximately $26,000. Beacon Capital Management LLC raised its holdings in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock valued at $31,000 after acquiring an additional 200 shares in the last quarter. Midwest Capital Advisors LLC acquired a new stake in Micron Technology in the fourth quarter valued at $33,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Micron Technology in the 4th quarter worth about $34,000. Finally, Curio Wealth LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Institutional investors and hedge funds 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.