Shares of Micron Technology, Inc. (NASDAQ:MU – Get Free Report) traded down 0.8% on Tuesday . The stock traded as low as $123.28 and last traded at $128.00. 7,075,043 shares traded hands during trading, a decline of 64% from the average session volume of 19,525,240 shares. The stock had previously closed at $129.00.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the company. Wedbush increased their target price on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Morgan Stanley raised shares of Micron Technology from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $98.00 to $130.00 in a research note on Monday. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Thursday, March 21st. Finally, Wells Fargo & Company upped their price target on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.92.
Micron Technology Price Performance
The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market cap of $141.19 billion, a PE ratio of -37.10 and a beta of 1.27. The business has a 50-day moving average price of $115.39 and a 200 day moving average price of $94.30.
Micron Technology (NASDAQ:MU – Get Free Report) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the company posted ($2.03) EPS. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. As a group, research analysts forecast that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a $0.115 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.36%. Micron Technology’s dividend payout ratio is presently -13.33%.
Insider Activity
In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $91.54, for a total value of $640,780.00. Following the transaction, the chief executive officer now owns 788,557 shares in the company, valued at approximately $72,184,507.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $91.54, for a total transaction of $640,780.00. Following the completion of the transaction, the chief executive officer now owns 788,557 shares in the company, valued at approximately $72,184,507.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 417,446 shares of company stock worth $47,867,783. 0.32% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Micron Technology by 1.8% in the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares in the last quarter. Capital World Investors raised its holdings in Micron Technology by 6.6% in the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after acquiring an additional 1,400,154 shares during the last quarter. Sanders Capital LLC lifted its position in Micron Technology by 2.3% in the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares in the last quarter. FMR LLC boosted its stake in Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after purchasing an additional 7,089,790 shares during the last quarter. Finally, Capital International Investors increased its holdings in shares of Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares in the last quarter. Hedge funds and other 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.