Micron Technology, Inc. (NASDAQ:MU) Announces $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 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st.

Micron Technology has raised its dividend payment by an average of 32.0% per year over the last three years. Micron Technology has a payout ratio of 4.2% meaning its dividend is sufficiently covered by earnings. 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

Shares of MU opened at $94.72 on Friday. The stock’s fifty day moving average is $96.82 and its 200-day moving average is $98.21. The firm has a market capitalization of $105.53 billion, a price-to-earnings ratio of 27.30 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology has a one year low of $83.54 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The company’s revenue was up 38.2% on a year-over-year basis. Equities analysts anticipate that Micron Technology will post 6.08 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on MU shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research report on Friday. JPMorgan Chase & Co. reduced their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Friday. Wells Fargo & Company dropped their price objective on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Mizuho reduced their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Finally, Barclays lifted their target price on shares of Micron Technology from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.63.

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 shares were 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 directly owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

An institutional investor recently raised its position in Micron Technology stock. Brighton Jones LLC boosted its stake in Micron Technology, Inc. (NASDAQ:MU) by 18.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,318 shares of the semiconductor manufacturer’s stock after purchasing an additional 976 shares during the period. Brighton Jones LLC’s holdings in Micron Technology were worth $532,000 at the end of the most recent reporting period. 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.