Micron Technology, Inc. (NASDAQ:MU) Declares $0.12 Quarterly Dividend

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) declared a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Investors of record on Monday, July 7th will be given a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, July 22nd. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Monday, July 7th.

Micron Technology has a dividend payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

NASDAQ MU traded down $1.25 during trading on Thursday, hitting $126.00. The company's stock had a trading volume of 61,834,028 shares, compared to its average volume of 23,616,660. Micron Technology has a 52 week low of $61.54 and a 52 week high of $144.07. The firm has a market cap of $140.81 billion, a P/E ratio of 30.22 and a beta of 1.28. The firm has a 50 day moving average price of $96.45 and a 200 day moving average price of $93.89. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter last year, the company posted $0.62 earnings per share. Equities research analysts forecast that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sanjay Mehrotra sold 3,562 shares of Micron Technology stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.46, for a total value of $393,458.52. Following the completion of the sale, the chief executive officer now directly owns 391,113 shares of the company's stock, valued at approximately $43,202,341.98. This trade represents a 0.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total value of $192,320.00. Following the sale, the director now owns 24,954 shares of the company's stock, valued at approximately $1,996,320. The trade was a 8.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,404 shares of company stock worth $4,130,167 in the last 90 days. Corporate insiders own 0.30% of the company's stock.

Institutional Trading of Micron Technology

A hedge fund recently raised its stake in Micron Technology stock. Brighton Jones LLC raised its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,318 shares of the semiconductor manufacturer's stock after buying an additional 976 shares during the period. Brighton Jones LLC's holdings in Micron Technology were worth $532,000 as of its most recent SEC filing. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MU has been the topic of several recent research reports. Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. TD Cowen raised their target price on Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday. China Renaissance lowered shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a report on Wednesday, March 26th. Susquehanna raised their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday. Finally, UBS Group lifted their target price on shares of Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $144.67.

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.

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