Micron Technology (NASDAQ:MU) Shares Down 1.4% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price fell 1.4% on Tuesday . The company traded as low as $78.54 and last traded at $79.33. 3,939,816 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 23,207,355 shares. The stock had previously closed at $80.42.

Analysts Set New Price Targets

MU has been the topic of a number of research analyst reports. Robert W. Baird increased their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a research note on Wednesday, March 19th. Barclays dropped their price objective on shares of Micron Technology from $115.00 to $95.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective on the stock. in a research report on Wednesday, March 26th. Finally, Rosenblatt Securities cut their price target on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $127.04.

Micron Technology Trading Up 0.8 %

The company has a market capitalization of $90.60 billion, a price-to-earnings ratio of 23.33 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. The business's 50-day moving average price is $83.28 and its two-hundred day moving average price is $93.55.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The company 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%. Micron Technology's revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the business earned $0.42 earnings per share. Research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction that occurred on 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 sale, the director now owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

A number of large investors have recently bought and sold shares of MU. Pinnacle Associates Ltd. boosted its holdings in Micron Technology by 8.7% in the first quarter. Pinnacle Associates Ltd. now owns 382,512 shares of the semiconductor manufacturer's stock worth $33,236,000 after acquiring an additional 30,773 shares in the last quarter. Black Swift Group LLC increased its stake in Micron Technology by 333.3% during the 1st quarter. Black Swift Group LLC now owns 11,050 shares of the semiconductor manufacturer's stock valued at $960,000 after purchasing an additional 8,500 shares in the last quarter. AE Wealth Management LLC lifted its stake in shares of Micron Technology by 11.1% in the first quarter. AE Wealth Management LLC now owns 316,195 shares of the semiconductor manufacturer's stock valued at $27,474,000 after buying an additional 31,592 shares in the last quarter. Blume Capital Management Inc. grew its holdings in shares of Micron Technology by 7.3% during the first quarter. Blume Capital Management Inc. now owns 65,714 shares of the semiconductor manufacturer's stock valued at $5,710,000 after buying an additional 4,454 shares during the last quarter. Finally, Winthrop Capital Management LLC increased its position in shares of Micron Technology by 9,138.5% during the first quarter. Winthrop Capital Management LLC now owns 1,201 shares of the semiconductor manufacturer's stock worth $104,000 after acquiring an additional 1,188 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.