Micron Technology (NASDAQ:MU) Stock Price Down 2.6% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s share price was down 2.6% on Tuesday . The stock traded as low as $94.20 and last traded at $94.44. Approximately 7,446,097 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 22,731,537 shares. The stock had previously closed at $96.94.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MU shares. Sanford C. Bernstein decreased their price target on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. Stifel Nicolaus lowered their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Wedbush restated an “outperform” rating and issued a $125.00 price objective on shares of Micron Technology in a research note on Monday, March 17th. Finally, Mizuho decreased their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $132.63.

Micron Technology Stock Down 2.9 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock’s 50 day moving average price is $96.86 and its 200-day moving average price is $98.40. The company has a market cap of $104.82 billion, a PE ratio of 27.16 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period last year, the firm earned $0.42 earnings per share. On average, analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently made changes to their positions in the company. Sunbeam Capital Management LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Beacon Capital Management LLC boosted its position in shares of Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares during the period. True Wealth Design LLC boosted its holdings in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares during the period. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology in the fourth quarter worth about $33,000. Finally, Stone House Investment Management LLC grew its holdings in shares of Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company Profile

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.