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

Micron Technology, Inc. (NASDAQ:MU) announced a quarterly dividend on Friday, March 21st, Wall Street Journal reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, April 15th. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st.

Micron Technology has increased its dividend by an average of 32.0% annually over the last three years. Micron Technology has a dividend payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Micron Technology to earn $10.67 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 4.3%.

Micron Technology Price Performance

NASDAQ:MU opened at $94.72 on Friday. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm has a market cap of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23. Micron Technology has a 12 month low of $83.54 and a 12 month high of $157.54. The company’s 50-day moving average price is $96.82 and its two-hundred day moving average price is $98.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same period in the prior year, the company earned $0.42 EPS. Micron Technology’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, equities analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A hedge fund recently raised its stake in Micron Technology stock. Brighton Jones LLC grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 18.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,318 shares of the semiconductor manufacturer’s stock after buying an additional 976 shares during the quarter. Brighton Jones LLC’s holdings in Micron Technology were worth $532,000 as of its most recent SEC filing. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the topic of several research reports. The Goldman Sachs Group reduced their price target on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Morgan Stanley upped their target price on shares of Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Friday. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Finally, UBS Group lifted their target price on Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $132.63.

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.