Micron Technology, Inc. (NASDAQ:MU – Get Free Report)’s share price fell 0.3% on Thursday after Susquehanna lowered their price target on the stock from $185.00 to $175.00. Susquehanna currently has a positive rating on the stock. Micron Technology traded as low as $107.02 and last traded at $108.05. 6,262,970 shares traded hands during trading, a decline of 71% from the average session volume of 21,237,666 shares. The stock had previously closed at $108.33.
Several other brokerages have also commented on MU. Needham & Company LLC upped their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Robert W. Baird boosted their target price on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a report on Monday, June 24th. Citigroup raised their price target on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, June 24th. Morgan Stanley lifted their price target on shares of Micron Technology from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, June 24th. Finally, Wedbush reissued an “outperform” rating and issued a $170.00 price objective on shares of Micron Technology in a research report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.52.
Insider Activity at Micron Technology
In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $126.14, for a total transaction of $882,980.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $90,700,840.86. The disclosure for this sale can be found here. Insiders have sold a total of 60,174 shares of company stock worth $8,635,073 in the last ninety days. 0.32% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the company. J.W. Cole Advisors Inc. boosted its position in Micron Technology by 30.2% during the 4th quarter. J.W. Cole Advisors Inc. now owns 4,715 shares of the semiconductor manufacturer’s stock worth $402,000 after acquiring an additional 1,095 shares during the period. CWM LLC boosted its holdings in shares of Micron Technology by 5.8% during the 4th quarter. CWM LLC now owns 21,522 shares of the semiconductor manufacturer’s stock worth $1,837,000 after buying an additional 1,175 shares during the period. Schnieders Capital Management LLC acquired a new position in Micron Technology in the 4th quarter valued at $290,000. Atria Wealth Solutions Inc. raised its holdings in Micron Technology by 11.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 67,657 shares of the semiconductor manufacturer’s stock worth $5,777,000 after acquiring an additional 7,114 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in Micron Technology by 6.5% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,340 shares of the semiconductor manufacturer’s stock worth $2,163,000 after acquiring an additional 1,543 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.
Micron Technology Price Performance
The company has a market capitalization of $115.61 billion, a P/E ratio of -73.42 and a beta of 1.18. The stock’s fifty day simple moving average is $120.10 and its 200-day simple moving average is $113.80. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.
Micron Technology (NASDAQ:MU – Get Free Report) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the firm posted ($1.57) EPS. The company’s revenue was up 81.5% on a year-over-year basis. On average, equities analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a dividend of $0.115 per share. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. Micron Technology’s payout ratio is -32.39%.
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.