Micron Technology (NASDAQ:MU) Stock Price Down 3.9% - Here's What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) were down 3.9% during trading on Thursday . The stock traded as low as $99.80 and last traded at $100.07. Approximately 4,657,601 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 21,883,342 shares. The stock had previously closed at $104.08.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their price objective 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. TD Cowen increased their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Wedbush reiterated an "outperform" rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Robert W. Baird dropped their price objective on Micron Technology from $172.00 to $150.00 and set an "outperform" rating for the company in a research note on Friday, September 27th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $150.00 price objective on shares of Micron Technology in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $143.04.

Micron Technology Stock Performance

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 market cap of $110.49 billion, a P/E ratio of 146.54 and a beta of 1.18. The firm has a fifty day moving average of $99.01 and a 200-day moving average of $113.42.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.65 billion. During the same quarter last year, the business earned ($1.21) earnings per share. The company's revenue was up 93.3% compared to the same quarter last year. Research analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Monday, October 7th. Micron Technology's dividend payout ratio (DPR) is currently 67.65%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology 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 transaction, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the business. DecisionPoint Financial LLC acquired a new stake in Micron Technology in the 1st quarter valued at approximately $25,000. Highline Wealth Partners LLC acquired a new stake in Micron Technology in the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Micron Technology in the 2nd quarter valued at approximately $28,000. Davis Capital Management acquired a new stake in Micron Technology in the 3rd quarter valued at approximately $30,000. Finally, Richard W. Paul & Associates LLC increased its position in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 144 shares during the last quarter. 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.