Micron Technology (NASDAQ:MU) Stock Price Down 2.9% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s share price fell 2.9% on Tuesday . The stock traded as low as $120.44 and last traded at $119.62. 7,984,133 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 23,252,455 shares. The stock had previously closed at $123.25.

Analyst Upgrades and Downgrades

MU has been the subject of several analyst reports. Robert W. Baird raised their target price on Micron Technology from $163.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday. Cantor Fitzgerald raised their price objective on Micron Technology from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. TD Cowen upped their target price on Micron Technology from $125.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Piper Sandler raised their price target on shares of Micron Technology from $120.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, June 26th. Finally, KeyCorp boosted their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $146.21.

Micron Technology Trading Down 1.7%

The firm has a market cap of $135.54 billion, a price-to-earnings ratio of 21.83 and a beta of 1.28. The firm’s 50-day moving average is $99.84 and its 200-day moving average is $94.30. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period last year, the firm earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date is Monday, July 7th. Micron Technology’s dividend payout ratio is currently 11.03%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the sale, the executive vice president owned 148,167 shares in the company, valued at $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the transaction, the director owned 24,954 shares in the company, valued at approximately $1,996,320. This trade represents a 8.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,404 shares of company stock valued at $8,509,167. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in shares of Micron Technology by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock valued at $250,000 after buying an additional 108 shares in the last quarter. Twin Capital Management Inc. raised its stake in Micron Technology by 0.5% during the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer’s stock worth $1,688,000 after acquiring an additional 108 shares during the period. D.B. Root & Company LLC lifted its holdings in Micron Technology by 3.7% during the first quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer’s stock valued at $262,000 after purchasing an additional 108 shares in the last quarter. Cim Investment Management Inc. boosted its position in shares of Micron Technology by 0.5% in the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer’s stock worth $1,941,000 after purchasing an additional 114 shares during the period. Finally, Hazlett Burt & Watson Inc. increased its stake in shares of Micron Technology by 1.1% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer’s stock worth $883,000 after purchasing an additional 119 shares in 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.