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

Key Points

• Micron Technology, Inc. announced a quarterly dividend of $0.12 per share, with the payment date scheduled for October 21st to shareholders of record on October 3rd, reflecting a yield of 0.3%.
• Micron reported earnings of $1.91 per share for the last quarter, exceeding estimates by $0.34, with revenue reaching $9.30 billion, above analyst predictions.
• Insiders have sold a total of 255,946 shares of Micron Technology stock over the last quarter, amounting to a value of $32.3 million, with 80.84% of the company's stock held by institutional investors.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) announced a quarterly dividend on Tuesday, September 23rd. Shareholders of record on Friday, October 3rd will be given a dividend of 0.115 per share by the semiconductor manufacturer on Tuesday, October 21st. This represents a c) annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, October 3rd.

Micron Technology has a payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Research 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 Up 1.1%

NASDAQ MU opened at $166.41 on Wednesday. Micron Technology has a 52 week low of $61.54 and a 52 week high of $170.45. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $186.23 billion, a P/E ratio of 29.98 and a beta of 1.47. The stock's 50-day moving average price is $125.66 and its 200-day moving average price is $106.69.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results 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 18.41% and a return on equity of 13.60%. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same period in the prior year, the firm posted $0.62 EPS. On average, equities research analysts predict that Micron Technology will post 6.08 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total value of $278,070.68. Following the transaction, the director owned 20,146 shares of the company's stock, valued at $2,330,287.82. This trade represents a 10.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 13,798 shares of Micron Technology stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the sale, the chief executive officer owned 325,148 shares of the company's stock, valued at $52,739,005.60. The trade was a 4.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,946 shares of company stock valued at $32,306,159 over the last quarter. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. First Command Advisory Services Inc. increased its holdings in Micron Technology by 225.0% during the 2nd quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock worth $27,000 after purchasing an additional 153 shares during the period. Howard Hughes Medical Institute bought a new position in shares of Micron Technology during the 2nd quarter worth $30,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the first quarter valued at about $33,000. AlphaQuest LLC lifted its stake in Micron Technology by 13,250.0% in the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock worth $33,000 after acquiring an additional 265 shares during the period. Finally, WealthCollab LLC lifted its stake in Micron Technology by 4,500.0% in the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock worth $34,000 after acquiring an additional 270 shares during the 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.

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