Micron Technology (NASDAQ:MU) Stock Price Down 1.8% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s share price was down 1.8% during trading on Monday . The company traded as low as $109.18 and last traded at $109.18. Approximately 3,347,686 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 22,192,076 shares. The stock had previously closed at $111.15.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MU shares. UBS Group decreased their price objective on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Raymond James upped their target price on shares of Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Needham & Company LLC reissued a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. TD Cowen upped their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, KeyCorp reduced their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $142.85.

Micron Technology Trading Down 2.6 %

The stock has a fifty day simple moving average of $99.14 and a 200 day simple moving average of $114.17. 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 firm has a market cap of $116.48 billion, a P/E ratio of -74.92 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. Micron Technology’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same period last year, the company earned ($1.21) EPS. On average, research analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.44%. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction 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 Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the 1st quarter worth about $25,000. Hobbs Group Advisors LLC purchased a new stake in Micron Technology during the 2nd quarter valued at $28,000. Valued Wealth Advisors LLC boosted its stake in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 173 shares during the period. Davis Capital Management purchased a new stake in shares of Micron Technology in the third quarter valued at $30,000. Finally, Richard W. Paul & Associates LLC lifted its holdings in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares during the last quarter. 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.