Micron Technology (NASDAQ:MU) Shares Down 2.7% - Here's What Happened

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) dropped 2.7% on Thursday . The company traded as low as $110.95 and last traded at $113.28. Approximately 16,471,952 shares were traded during trading, a decline of 29% from the average daily volume of 23,321,109 shares. The stock had previously closed at $116.43.

Analysts Set New Price Targets

MU has been the topic of several recent analyst reports. Needham & Company LLC increased their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Bank of America raised their price target on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, June 26th. Raymond James Financial lifted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Morgan Stanley lifted their target price on shares of Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research note on Thursday, June 26th. Finally, Robert W. Baird lifted their target price on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Stock Down 2.7%

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 fifty day moving average price of $110.26 and a 200-day moving average price of $96.52. The stock has a market capitalization of $126.75 billion, a P/E ratio of 20.41 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The firm had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the prior year, the business posted $0.62 EPS. As a group, research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio is presently 8.29%.

Insider Transactions at Micron Technology

In other news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the transaction, the executive vice president owned 201,326 shares in the company, valued at $25,264,399.74. This represents a 31.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares of the company's stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,446 shares of company stock worth $31,154,717 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently added to or reduced their stakes in the company. Mainsail Financial Group LLC boosted its position in shares of Micron Technology by 4.3% in the second quarter. Mainsail Financial Group LLC now owns 16,550 shares of the semiconductor manufacturer's stock valued at $1,988,000 after acquiring an additional 686 shares during the period. Centennial Wealth Advisory LLC acquired a new position in shares of Micron Technology in the second quarter valued at approximately $322,000. Janney Montgomery Scott LLC increased its position in Micron Technology by 10.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 262,753 shares of the semiconductor manufacturer's stock valued at $32,384,000 after purchasing an additional 25,102 shares during the period. SWS Partners increased its position in Micron Technology by 26.1% during the 2nd quarter. SWS Partners now owns 27,158 shares of the semiconductor manufacturer's stock valued at $3,347,000 after purchasing an additional 5,629 shares during the period. Finally, Archford Capital Strategies LLC acquired a new stake in Micron Technology during the 2nd quarter valued at approximately $333,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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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