Micron Technology, Inc. (NASDAQ:MU - Get Free Report) dropped 3.1% on Monday . The stock traded as low as $66.56 and last traded at $66.69. 4,221,194 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 24,727,230 shares. The stock had previously closed at $68.80.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on MU shares. Citigroup cut their target price on Micron Technology from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. Rosenblatt Securities decreased their target price on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, March 21st. China Renaissance downgraded shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a report on Wednesday, March 26th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $130.00 price objective on shares of Micron Technology in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $128.56.
Check Out Our Latest Stock Analysis on MU
Micron Technology Trading Up 5.2 %
The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The company has a market cap of $78.46 billion, a price-to-earnings ratio of 20.23 and a beta of 1.18. The business's fifty day moving average price is $87.22 and its 200 day moving average price is $95.43.
Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business's quarterly revenue was up 38.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's payout ratio is presently 11.03%.
Insider Buying and Selling at Micron Technology
In related news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of MU. Vanguard Group Inc. increased its stake in Micron Technology by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer's stock valued at $8,403,982,000 after purchasing an additional 888,087 shares in the last quarter. FMR LLC grew its stake in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after buying an additional 12,249,341 shares during the period. Capital World Investors increased its position in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after buying an additional 15,993,036 shares in the last quarter. Geode Capital Management LLC raised its stake in Micron Technology by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock worth $2,052,973,000 after buying an additional 726,282 shares during the period. Finally, Norges Bank bought a new position in Micron Technology in the fourth quarter worth approximately $1,470,875,000. Institutional investors and hedge funds 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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