Micron Technology (NASDAQ:MU) Shares Down 0.7%

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 0.7% on Wednesday . The stock traded as low as $111.25 and last traded at $113.48. Approximately 6,062,990 shares were traded during trading, a decline of 71% from the average daily volume of 20,844,195 shares. The stock had previously closed at $114.25.

Analysts Set New Price Targets

A number of research firms recently commented on MU. The Goldman Sachs Group raised their price target on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. JPMorgan Chase & Co. increased their target price on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Cantor Fitzgerald lifted their price target on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Wolfe Research increased their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 target price on shares of Micron Technology in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $158.72.

Micron Technology Trading Up 2.2 %

The firm has a market cap of $121.81 billion, a price-to-earnings ratio of -75.67 and a beta of 1.18. The firm’s 50-day moving average is $131.33 and its 200-day moving average is $111.67. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same period last year, the company earned ($1.57) earnings per share. The business’s revenue was up 81.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.42%. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Insider Activity at Micron Technology

In related news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares in the company, valued at approximately $30,981,985.89. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. In the last three months, insiders sold 236,730 shares of company stock valued at $29,435,039. 0.32% of the stock is owned by insiders.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MU. Clearbridge Investments LLC grew its holdings in shares of 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 in the last quarter. Norden Group LLC lifted its position in Micron Technology by 1,916.7% during 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. TCW Group Inc. grew its stake in Micron Technology by 5.7% in the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after buying an additional 28,649 shares in the last quarter. Gulf International Bank UK Ltd raised its position in shares of Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after buying an additional 5,958 shares in the last quarter. Finally, TrinityPoint Wealth LLC lifted its holdings in shares of Micron Technology by 33.9% during the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after acquiring an additional 8,736 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.