Micron Technology (NASDAQ:MU) Stock Price Down 1.3% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price was down 1.3% during mid-day trading on Wednesday . The company traded as low as $104.87 and last traded at $106.38. Approximately 4,462,803 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 22,117,803 shares. The stock had previously closed at $107.82.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MU. Robert W. Baird cut their price target on shares of Micron Technology from $172.00 to $150.00 and set an "outperform" rating for the company in a report on Friday, September 27th. Cantor Fitzgerald reissued an "overweight" rating and issued a $150.00 price target on shares of Micron Technology in a report on Tuesday, October 1st. The Goldman Sachs Group lifted their price target on Micron Technology from $138.00 to $158.00 and gave the company a "buy" rating in a research note on Thursday, June 27th. Morgan Stanley increased their price objective on Micron Technology from $100.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 26th. Finally, BNP Paribas downgraded shares of Micron Technology from an "outperform" rating to an "underperform" rating and reduced their price target for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company's stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.85.

Micron Technology Stock Down 2.6 %

The stock has a fifty day moving average price of $99.23 and a 200-day moving average price of $114.10. The firm has a market cap of $116.48 billion, a PE ratio of -73.98 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

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

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.44%. Micron Technology's dividend payout ratio is currently -32.39%.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was 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 directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in MU. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology during the second quarter worth about $28,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology during the first quarter valued at approximately $25,000. Valued Wealth Advisors LLC boosted its position in shares of Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer's stock worth $29,000 after buying an additional 173 shares during the period. Richard W. Paul & Associates LLC grew its holdings in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 144 shares in the last quarter. Finally, LRI Investments LLC increased its position in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock valued at $36,000 after acquiring an additional 99 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

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.