Micron Technology (NASDAQ:MU) Shares Down 10.8% - Here's What Happened

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price fell 10.8% on Monday . The stock traded as low as $92.51 and last traded at $92.06. 17,527,897 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 24,559,479 shares. The stock had previously closed at $103.19.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MU. Wells Fargo & Company lowered their target price on Micron Technology from $175.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Barclays decreased their price objective on shares of Micron Technology from $145.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, December 20th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price target on shares of Micron Technology in a research report on Tuesday, December 17th. Mizuho lowered their price objective 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. Finally, TD Cowen cut their target price on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $135.24.

Micron Technology Price Performance

The stock has a market cap of $101.48 billion, a PE ratio of 26.25 and a beta of 1.18. 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 business has a 50 day moving average price of $98.36 and a two-hundred day moving average price of $101.08.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter last year, the company posted ($0.95) earnings per share. The firm's quarterly revenue was up 84.3% compared to the same quarter last year. Research analysts expect that Micron Technology, Inc. will post 6.29 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, January 15th. Investors of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology's dividend payout ratio (DPR) is currently 13.26%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MU. Highline Wealth Partners LLC bought a new position in Micron Technology during the 3rd quarter valued at approximately $26,000. Davis Capital Management purchased a new stake in Micron Technology in the third quarter worth $30,000. True Wealth Design LLC boosted its holdings in Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. DT Investment Partners LLC increased its position in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer's stock valued at $34,000 after purchasing an additional 235 shares during the period. Finally, Stone House Investment Management LLC raised its holdings 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 purchasing an additional 277 shares in the last quarter. 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.