Micron Technology (NASDAQ:MU) Stock Price Down 1.3% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price fell 1.3% during trading on Monday . The stock traded as low as $121.85 and last traded at $123.13. 7,266,723 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 23,400,236 shares. The stock had previously closed at $124.76.

Analysts Set New Price Targets

MU has been the subject of several recent research reports. Barclays lifted their target price on shares of Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Rosenblatt Securities raised their price target on shares of Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Stifel Nicolaus upped their price objective on shares of Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Piper Sandler increased their target price on shares of Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Finally, TD Cowen lifted their price target on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $146.21.

Micron Technology Stock Performance

The firm has a fifty day moving average of $99.84 and a 200 day moving average of $94.30. The stock has a market cap of $135.29 billion, a price-to-earnings ratio of 21.78 and a beta of 1.28. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

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, topping the consensus estimate of $1.57 by $0.34. The firm 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 last year, the business earned $0.62 earnings per share. As a group, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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 issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is presently 11.03%.

Insiders Place Their Bets

In related news, EVP Scott J. Deboer sold 20,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.11, for a total value of $2,502,200.00. Following the sale, the executive vice president directly owned 166,353 shares in the company, valued at approximately $20,812,423.83. The trade was a 10.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 5,210 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total transaction of $632,233.50. Following the completion of the transaction, the chief executive officer directly owned 379,675 shares in the company, valued at $46,073,561.25. The trade was a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 72,404 shares of company stock worth $8,509,167 in the last three months. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MU. Brighton Jones LLC raised its position in Micron Technology by 18.3% in the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock valued at $532,000 after purchasing an additional 976 shares during the period. Bank Pictet & Cie Europe AG grew its stake in shares of Micron Technology by 19.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock valued at $7,214,000 after buying an additional 13,985 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Micron Technology by 20.9% in the fourth quarter. Private Trust Co. NA now owns 4,657 shares of the semiconductor manufacturer's stock valued at $392,000 after buying an additional 806 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at $1,375,000. Finally, Smartleaf Asset Management LLC lifted its stake in Micron Technology by 11.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 13,051 shares of the semiconductor manufacturer's stock worth $1,113,000 after acquiring an additional 1,382 shares in the last quarter. 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.