Micron Technology (NASDAQ:MU) Shares Down 2.9% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s share price traded down 2.9% on Tuesday . The stock traded as low as $100.31 and last traded at $101.48. 5,407,805 shares were traded during mid-day trading, a decline of 75% from the average session volume of 21,439,094 shares. The stock had previously closed at $104.48.

Wall Street Analyst Weigh In

Several analysts recently commented on MU shares. UBS Group cut their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Susquehanna reduced their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. Citigroup lowered their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. TD Cowen lifted their target price on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Rosenblatt Securities upped their price target on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Stock Down 3.2 %

The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The company’s 50-day moving average price is $102.80 and its 200 day moving average price is $112.03. The stock has a market capitalization of $112.09 billion, a P/E ratio of 149.24 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS 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 business had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the previous year, the business earned ($1.21) earnings per share. The business’s revenue was up 93.3% on a year-over-year basis. As a group, equities analysts expect 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. Investors 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 annualized dividend and a yield of 0.45%. Micron Technology’s payout ratio is 67.65%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’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 completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp increased its stake in Micron Technology by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock worth $1,359,000 after purchasing an additional 411 shares during the period. Synovus Financial Corp grew its holdings in shares of Micron Technology by 58.8% in the third quarter. Synovus Financial Corp now owns 21,859 shares of the semiconductor manufacturer’s stock worth $2,267,000 after purchasing an additional 8,095 shares during the last quarter. Tidal Investments LLC increased its stake in Micron Technology by 0.4% in the 3rd quarter. Tidal Investments LLC now owns 106,840 shares of the semiconductor manufacturer’s stock worth $11,080,000 after buying an additional 420 shares during the period. Blankinship & Foster LLC bought a new stake in Micron Technology during the 3rd quarter valued at about $19,949,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Micron Technology in the 3rd quarter valued at about $576,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.