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

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $124.53, but opened at $120.38. Micron Technology shares last traded at $119.29, with a volume of 9,040,963 shares traded.

Wall Street Analysts Forecast Growth

MU has been the subject of several recent research reports. Rosenblatt Securities lifted their price objective on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Wells Fargo & Company increased their price target on Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. TD Cowen increased their price target on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Royal Bank Of Canada set a $125.00 price target on Micron Technology in a research report on Wednesday, March 19th. Finally, UBS Group boosted their target price on shares of Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Trading Up 1.1%

The company has a market capitalization of $134.14 billion, a PE ratio of 21.66 and a beta of 1.35. The stock's fifty day moving average price is $108.80 and its two-hundred day moving average price is $96.22. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the previous year, the company earned $0.62 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.38%. Micron Technology's payout ratio is presently 8.29%.

Insider Activity

In other news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. This represents a 31.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the sale, the executive vice president directly owned 148,167 shares of the company's stock, valued at $18,538,655.04. The trade was a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,446 shares of company stock valued at $31,154,717. Insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the stock. Sunbeam Capital Management LLC purchased a new stake in Micron Technology during the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the first quarter worth about $33,000. Curio Wealth LLC acquired a new position in Micron Technology during the fourth quarter worth about $34,000. AllSquare Wealth Management LLC raised its position in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares during the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology during the first quarter worth approximately $36,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.