Micron Technology (NASDAQ:MU) Shares Down 0.5% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) dropped 0.5% during mid-day trading on Monday . The stock traded as low as $106.47 and last traded at $107.38. Approximately 3,607,835 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 21,992,637 shares. The stock had previously closed at $107.91.

Analyst Upgrades and Downgrades

A number of research firms have commented on MU. Wells Fargo & Company decreased their price target on Micron Technology from $190.00 to $175.00 and set an "overweight" rating for the company in a research note on Wednesday, September 18th. Citigroup decreased their price objective on shares of Micron Technology from $175.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, September 17th. China Renaissance assumed coverage on shares of Micron Technology in a research report on Monday. They set a "buy" rating and a $148.00 target price on the stock. Susquehanna decreased their price target on shares of Micron Technology from $175.00 to $165.00 and set a "positive" rating for the company in a report on Thursday, September 26th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $150.00 price objective on shares of Micron Technology in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $143.04.

Micron Technology Price Performance

The company has a 50-day moving average of $99.18 and a 200 day moving average of $113.68. 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 stock has a market capitalization of $117.97 billion, a PE ratio of -74.92 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly 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. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. Micron Technology's quarterly revenue was up 93.3% on a year-over-year basis. During the same period in the previous year, the business posted ($1.21) earnings per share. Sell-side analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Monday, October 7th. Micron Technology's dividend payout ratio is currently -32.39%.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently made changes to their positions in MU. Wealth Enhancement Advisory Services LLC grew its position in Micron Technology by 13.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 76,479 shares of the semiconductor manufacturer's stock valued at $9,016,000 after acquiring an additional 9,179 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Micron Technology during the 1st quarter worth approximately $273,000. Cornerstone Wealth Group LLC acquired a new stake in Micron Technology during the 1st quarter worth approximately $218,000. Allspring Global Investments Holdings LLC boosted its position in Micron Technology by 88.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 482,031 shares of the semiconductor manufacturer's stock valued at $56,827,000 after buying an additional 226,191 shares during the period. Finally, Deepwater Asset Management LLC acquired a new position in shares of Micron Technology in the first quarter worth $1,691,000. Hedge funds and other 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.