Micron Technology (NASDAQ:MU) Stock Price Down 4.2% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU) dropped 4.2% during mid-day trading on Tuesday . The stock traded as low as $102.71 and last traded at $103.79. Approximately 7,060,417 shares were traded during trading, a decline of 68% from the average daily volume of 22,218,840 shares. The stock had previously closed at $108.34.

Wall Street Analyst Weigh In

A number of analysts have commented on MU shares. Raymond James boosted their price target on shares of Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $150.00 price objective on shares of Micron Technology in a research note on Tuesday, October 1st. Morgan Stanley boosted their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Rosenblatt Securities increased their target price on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Needham & Company LLC reissued a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.85.

Micron Technology Stock Down 4.1 %

The company has a market capitalization of $115.19 billion, a price-to-earnings ratio of -73.09 and a beta of 1.18. The business has a fifty day simple moving average of $97.12 and a two-hundred day simple moving average of $114.78. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

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

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology’s payout ratio is presently -32.39%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Hobbs Group Advisors LLC bought a new position in Micron Technology during the second quarter worth about $28,000. DecisionPoint Financial LLC bought a new position in Micron Technology during the 1st quarter worth approximately $25,000. Valued Wealth Advisors LLC boosted its stake in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC boosted its position in shares of Micron Technology by 128.6% during the second 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 in the last quarter. Finally, LRI Investments LLC boosted its position in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

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.