Micron Technology (NASDAQ:MU) Trading Down 2.1% - Here's Why

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) traded down 2.1% during mid-day trading on Tuesday . The stock traded as low as $106.46 and last traded at $106.78. 3,904,697 shares changed hands during trading, a decline of 82% from the average session volume of 22,158,635 shares. The stock had previously closed at $109.08.

Analyst Ratings Changes

Several brokerages have weighed in on MU. Morgan Stanley upped their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 26th. Robert W. Baird dropped their price target on Micron Technology from $172.00 to $150.00 and set an "outperform" rating for the company in a report on Friday, September 27th. Stifel Nicolaus reduced their price objective on Micron Technology from $165.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, September 19th. Piper Sandler lifted their price target on Micron Technology from $130.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday, June 27th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $150.00 price target on shares of Micron Technology in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and a consensus price target of $142.85.

Micron Technology Stock Down 1.2 %

The company has a market capitalization of $119.56 billion, a P/E ratio of -75.93 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $99.14 and a 200-day simple moving average of $114.17.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. Micron Technology's revenue for the quarter was up 93.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.21) EPS. On average, equities research analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. Micron Technology's dividend payout ratio is currently -32.39%.

Insider Activity at Micron Technology

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

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Clearbridge Investments LLC grew its holdings in Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer's stock worth $227,741,000 after purchasing an additional 20,741 shares during the period. Chapin Davis Inc. acquired a new stake in Micron Technology during the 2nd quarter valued at $4,056,000. Handelsbanken Fonder AB boosted its position in Micron Technology by 2.4% during the third quarter. Handelsbanken Fonder AB now owns 434,596 shares of the semiconductor manufacturer's stock worth $45,072,000 after purchasing an additional 9,992 shares during the period. Norden Group LLC increased its holdings in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer's stock valued at $5,910,000 after purchasing an additional 47,648 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new position in shares of Micron Technology in the first quarter valued at about $8,558,000. Institutional investors own 80.84% of the company's stock.

About Micron Technology

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.