Micron Technology (NASDAQ:MU) Stock Price Down 1.9% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price was down 1.9% during mid-day trading on Wednesday after KeyCorp lowered their price target on the stock from $145.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Micron Technology traded as low as $100.32 and last traded at $100.58. Approximately 6,525,691 shares were traded during trading, a decline of 71% from the average daily volume of 22,260,566 shares. The stock had previously closed at $102.54.

Several other research analysts have also recently issued reports on MU. Wells Fargo & Company lowered their price objective on Micron Technology from $190.00 to $175.00 and set an "overweight" rating for the company in a research report on Wednesday, September 18th. Citigroup lowered their price target on Micron Technology from $175.00 to $150.00 and set a "buy" rating for the company in a report on Tuesday, September 17th. Morgan Stanley increased their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an "equal weight" rating in a research note on Thursday, September 26th. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Stifel Nicolaus dropped their target price on shares of Micron Technology from $165.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $142.85.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm's stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer's stock valued at $11,396,024,000 after acquiring an additional 1,681,815 shares during the last quarter. Capital World Investors lifted its position in shares of Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer's stock worth $2,681,807,000 after purchasing an additional 1,400,154 shares during the last quarter. Capital International Investors grew its stake in Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer's stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer's stock valued at $2,150,743,000 after buying an additional 3,315,988 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Micron Technology by 6.9% during the second quarter. Van ECK Associates Corp now owns 8,086,213 shares of the semiconductor manufacturer's stock valued at $1,063,580,000 after buying an additional 519,641 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Trading Down 0.8 %

The company has a market cap of $112.77 billion, a P/E ratio of -70.83, a P/E/G ratio of 0.20 and a beta of 1.18. The business has a fifty day simple moving average of $96.56 and a 200 day simple moving average of $115.13. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.65 billion. During the same period in the prior year, the company earned ($1.21) earnings per share. The firm's revenue was up 93.3% compared to the same quarter last year. Analysts anticipate that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology's dividend payout ratio is presently -32.39%.

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.