Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares were down 1.5% on Wednesday . The company traded as low as $125.75 and last traded at $125.94. Approximately 9,014,522 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 23,380,465 shares. The stock had previously closed at $127.91.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on MU. Royal Bank Of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. KeyCorp upped their target price on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday. Robert W. Baird upped their target price on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday. Stifel Nicolaus increased their price target on Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Mizuho increased their price target on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $146.21.
Check Out Our Latest Stock Analysis on Micron Technology
Micron Technology Trading Down 1.0%
The firm has a market capitalization of $139.43 billion, a P/E ratio of 22.48 and a beta of 1.28. The business's 50-day moving average is $98.71 and its 200 day moving average is $94.24. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99.
Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.88%. During the same period last year, the firm earned $0.62 EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.
Micron Technology Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders 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 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.
Insiders Place Their Bets
In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the completion of the transaction, the executive vice president now directly owns 148,167 shares of the company's stock, valued at $18,538,655.04. This trade represents a 9.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.11, for a total transaction of $2,502,200.00. Following the completion of the transaction, the executive vice president now directly owns 166,353 shares of the company's stock, valued at $20,812,423.83. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,404 shares of company stock valued at $8,509,167 in the last quarter. Insiders own 0.30% of the company's stock.
Hedge Funds Weigh In On Micron Technology
Several large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Micron Technology during the fourth quarter valued at $1,470,875,000. Capital World Investors raised its stake in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. FMR LLC increased its position in Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after acquiring an additional 12,249,341 shares during the last quarter. Capital Research Global Investors increased its position in Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the last quarter. Finally, Capital International Investors increased its position in Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after acquiring an additional 4,375,232 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.
Micron Technology Company Profile
(
Get Free Report)
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.
Featured Articles
Before you consider Micron Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Micron Technology wasn't on the list.
While Micron Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Explore Elon Musk’s boldest ventures yet—from AI and autonomy to space colonization—and find out how investors can ride the next wave of innovation.
Get This Free Report