Micron Technology, Inc. (NASDAQ:MU) Increases Dividend to $0.12 Per Share

Micron Technology, Inc. (NASDAQ:MUGet Rating) announced a quarterly dividend on Thursday, June 30th, RTT News reports. Shareholders of record on Monday, July 11th will be given a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, July 26th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.83%. This is an increase from Micron Technology’s previous quarterly dividend of $0.10.

Micron Technology has a payout ratio of 3.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Micron Technology to earn $11.22 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 3.6%.

Shares of Micron Technology stock opened at $55.28 on Friday. Micron Technology has a one year low of $53.60 and a one year high of $98.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.11 and a quick ratio of 2.33. The stock’s 50-day moving average is $66.35 and its 200 day moving average is $77.92. The firm has a market cap of $61.73 billion, a price-to-earnings ratio of 6.95, a PEG ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MUGet Rating) last issued its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported $2.59 EPS for the quarter, topping the consensus estimate of $2.34 by $0.25. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.66 billion. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.81 earnings per share. On average, sell-side analysts expect that Micron Technology will post 9.15 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Stonebridge Capital Advisors LLC grew its holdings in Micron Technology by 6.6% in the first quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock valued at $210,000 after purchasing an additional 168 shares during the period. Evergreen Capital Management LLC grew its stake in Micron Technology by 3.5% during the first quarter. Evergreen Capital Management LLC now owns 5,682 shares of the semiconductor manufacturer’s stock worth $443,000 after buying an additional 191 shares during the period. Certified Advisory Corp boosted its stake in shares of Micron Technology by 1.8% in the first quarter. Certified Advisory Corp now owns 11,520 shares of the semiconductor manufacturer’s stock valued at $897,000 after purchasing an additional 203 shares during the period. Kinneret Advisory LLC boosted its stake in shares of Micron Technology by 2.3% in the first quarter. Kinneret Advisory LLC now owns 13,386 shares of the semiconductor manufacturer’s stock valued at $1,043,000 after purchasing an additional 299 shares during the period. Finally, Brighton Jones LLC boosted its stake in shares of Micron Technology by 12.3% in the first quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock valued at $227,000 after purchasing an additional 318 shares during the period. Institutional investors own 80.35% of the company’s stock.

Several equities research analysts recently issued reports on MU shares. Morgan Stanley dropped their price objective on Micron Technology from $83.00 to $56.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 21st. Citigroup reduced their price target on Micron Technology from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, June 6th. UBS Group cut their price objective on Micron Technology from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Tuesday. Mizuho dropped their price target on Micron Technology from $95.00 to $84.00 in a research report on Friday. Finally, BMO Capital Markets dropped their price target on Micron Technology from $115.00 to $85.00 and set an “outperform” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and one has issued a strong 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 $98.17.

Micron Technology Company Profile (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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