Micron Technology, Inc. to Issue Quarterly Dividend of $0.12 (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) announced a quarterly dividend on Wednesday, September 25th, Wall Street Journal reports. Shareholders of record on Monday, October 7th will be paid a dividend of 0.115 per share by the semiconductor manufacturer on Wednesday, October 23rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, October 7th.

Micron Technology has a dividend payout ratio of 5.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Micron Technology to earn $8.60 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 5.3%.

Micron Technology Stock Up 0.4 %

Shares of NASDAQ:MU opened at $102.25 on Friday. Micron Technology has a 1-year low of $63.88 and a 1-year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The stock has a market cap of $113.38 billion, a P/E ratio of -72.01, a P/E/G ratio of 0.20 and a beta of 1.18. The firm has a fifty day moving average price of $96.66 and a 200 day moving average price of $115.10.

Micron Technology (NASDAQ:MU) last posted 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 negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the business earned ($1.21) EPS. The firm’s revenue was up 93.3% compared to the same quarter last year. Sell-side analysts predict that Micron Technology will post 0.61 EPS for the current year.

Insiders Place Their Bets

In related 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 completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on MU shares. Piper Sandler boosted their target price on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities increased their price objective on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Morgan Stanley raised their target price on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $150.00 price target on shares of Micron Technology in a research note on Tuesday, October 1st. Finally, Robert W. Baird reduced their price objective on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus price target of $143.23.

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.