Micron Technology (NASDAQ:MU) Shares Down 2.6% - What's Next?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price was down 2.6% during mid-day trading on Friday . The stock traded as low as $90.93 and last traded at $92.35. Approximately 6,088,519 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 23,429,979 shares. The stock had previously closed at $94.83.

Analyst Ratings Changes

A number of research firms recently commented on MU. Wells Fargo & Company reissued an "equal weight" rating on shares of Micron Technology in a report on Monday, April 28th. JPMorgan Chase & Co. dropped their target price on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday, March 21st. Wedbush reaffirmed an "underperform" rating on shares of Micron Technology in a research note on Monday, April 28th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $130.00 price target on shares of Micron Technology in a research note on Friday, March 21st. Finally, Rosenblatt Securities cut their price objective on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $126.48.

Micron Technology Trading Down 1.4%

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 company has a market capitalization of $104.45 billion, a P/E ratio of 26.91 and a beta of 1.21. The company's fifty day simple moving average is $82.99 and its 200-day simple moving average is $92.56.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm's revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 EPS. Research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. Micron Technology's dividend payout ratio (DPR) is currently 11.03%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This trade represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred 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 transaction, the director now owns 24,954 shares in the company, 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. In the last 90 days, insiders sold 19,808 shares of company stock valued at $1,858,424. 0.30% of the stock is owned by company insiders.

Institutional Trading of Micron Technology

Several large investors have recently added to or reduced their stakes in the stock. Diversify Wealth Management LLC acquired a new position in Micron Technology in the fourth quarter valued at approximately $455,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Micron Technology by 22.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,810 shares of the semiconductor manufacturer's stock valued at $321,000 after purchasing an additional 701 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in shares of Micron Technology by 27.0% during the 4th quarter. Atomi Financial Group Inc. now owns 8,659 shares of the semiconductor manufacturer's stock worth $729,000 after purchasing an additional 1,840 shares during the period. Simon Quick Advisors LLC increased its position in shares of Micron Technology by 6.3% during the 4th quarter. Simon Quick Advisors LLC now owns 4,294 shares of the semiconductor manufacturer's stock worth $361,000 after purchasing an additional 253 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC raised its holdings in Micron Technology by 13.1% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 10,916 shares of the semiconductor manufacturer's stock valued at $920,000 after buying an additional 1,264 shares during the period. 80.84% of the stock is currently owned by hedge funds and other 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.

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