Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $77.87, but opened at $72.50. Micron Technology shares last traded at $71.04, with a volume of 9,984,544 shares.
Analysts Set New Price Targets
Several research firms have recently weighed in on MU. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. The Goldman Sachs Group cut their price objective on Micron Technology from $145.00 to $128.00 and set a "buy" rating for the company in a report on Thursday, December 19th. Bank of America cut Micron Technology from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $125.00 to $110.00 in a report on Thursday, December 19th. China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a research note on Wednesday, March 26th. Finally, Citigroup reduced their price target on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Friday. One equities research 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's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $129.36.
Read Our Latest Research Report on MU
Micron Technology Stock Up 2.1 %
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 stock's 50-day moving average price is $90.66 and its two-hundred day moving average price is $97.00. The stock has a market capitalization of $79.37 billion, a PE ratio of 20.47 and a beta of 1.18.
Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data 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. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The business's revenue was up 38.2% compared to the same quarter last year. As a group, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently disclosed 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. This represents a $0.46 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date is Monday, March 31st. Micron Technology's payout ratio is 11.03%.
Insider Transactions at Micron Technology
In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were 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 directly owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Trivant Custom Portfolio Group LLC lifted its position in shares of Micron Technology by 20.0% during the 4th quarter. Trivant Custom Portfolio Group LLC now owns 600 shares of the semiconductor manufacturer's stock worth $50,000 after purchasing an additional 100 shares during the last quarter. Xcel Wealth Management LLC increased its position in Micron Technology by 1.8% in the 4th quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer's stock worth $518,000 after buying an additional 108 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in shares of Micron Technology by 3.8% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer's stock worth $250,000 after buying an additional 108 shares during the last quarter. Twin Capital Management Inc. boosted its position in shares of Micron Technology by 0.5% in the fourth quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after acquiring an additional 108 shares during the period. Finally, Lebenthal Global Advisors LLC grew its stake in shares of Micron Technology by 1.5% in the fourth quarter. Lebenthal Global Advisors LLC now owns 7,474 shares of the semiconductor manufacturer's stock worth $629,000 after acquiring an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.
About Micron Technology
(
Get Free Report)
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.
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