Micron Technology (NASDAQ:MU) Trading Down 2.4% – What’s Next?

Shares of Micron Technology, Inc. (NASDAQ:MU) were down 2.4% during trading on Wednesday . The company traded as low as $104.93 and last traded at $105.55. Approximately 3,509,241 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 21,911,908 shares. The stock had previously closed at $108.18.

Analyst Ratings Changes

MU has been the subject of several research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Wells Fargo & Company reduced their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. KeyCorp dropped their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Susquehanna reduced their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Finally, China Renaissance began coverage on shares of Micron Technology in a research report on Monday. They issued a “buy” rating and a $148.00 price objective on the stock. 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 stock. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Up 0.1 %

The business’s fifty day simple moving average is $99.01 and its two-hundred day simple moving average is $113.42. The company has a market cap of $110.63 billion, a PE ratio of 146.84 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the previous year, the business earned ($1.21) EPS. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. On average, analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction 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 owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in shares of Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. Van ECK Associates Corp grew its holdings in Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after buying an additional 2,477,985 shares in the last quarter. Capital International Investors grew its holdings in Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after buying an additional 2,397,885 shares in the last quarter. Swedbank AB increased its stake in shares of Micron Technology by 473.8% in the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after acquiring an additional 2,187,460 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Micron Technology by 301,500.0% during the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock worth $213,334,000 after acquiring an additional 1,809,000 shares during the period. Institutional investors and hedge funds 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.