Micron Technology (NASDAQ:MU) Shares Down 1.1% – Time to Sell?

Micron Technology, Inc. (NASDAQ:MU) dropped 1.1% on Thursday . The stock traded as low as $102.34 and last traded at $103.19. Approximately 4,470,614 shares changed hands during trading, a decline of 80% from the average daily volume of 22,727,066 shares. The stock had previously closed at $104.36.

Analyst Upgrades and Downgrades

MU has been the subject of several recent analyst reports. Robert W. Baird dropped their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. TD Cowen dropped their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. UBS Group dropped their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler dropped their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Needham & Company LLC dropped their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology Trading Down 4.3 %

The business’s 50-day moving average price is $96.28 and its two-hundred day moving average price is $98.76. The company has a market capitalization of $110.06 billion, a P/E ratio of 28.47 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.95) earnings per share. As a group, analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.47%. Micron Technology’s payout ratio is currently 13.26%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Forum Financial Management LP increased its stake in shares of Micron Technology by 108.6% during the 4th quarter. Forum Financial Management LP now owns 30,539 shares of the semiconductor manufacturer’s stock worth $2,570,000 after purchasing an additional 15,898 shares during the last quarter. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the 4th quarter worth about $26,000. Castlekeep Investment Advisors LLC acquired a new position in shares of Micron Technology during the 4th quarter worth about $227,000. Formidable Asset Management LLC increased its stake in shares of Micron Technology by 6.8% during the 4th quarter. Formidable Asset Management LLC now owns 5,107 shares of the semiconductor manufacturer’s stock worth $430,000 after purchasing an additional 325 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Micron Technology during the 4th quarter worth about $17,769,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.