Micron Technology (NASDAQ:MU) Shares Down 2.4% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price traded down 2.4% during trading on Monday . The company traded as low as $119.10 and last traded at $119.26. 5,674,246 shares were traded during mid-day trading, a decline of 76% from the average session volume of 23,240,552 shares. The stock had previously closed at $122.18.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup upped their price target on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Royal Bank Of Canada set a $125.00 target price on shares of Micron Technology in a research report on Wednesday, March 19th. UBS Group increased their price target on shares of Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Cantor Fitzgerald raised their price target on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Needham & Company LLC upped their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $146.21.

Micron Technology Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The company's 50 day moving average price is $105.34 and its 200 day moving average price is $95.26. The firm has a market capitalization of $139.24 billion, a P/E ratio of 22.42 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 13.60% and a net margin of 18.41%. During the same period last year, the company earned $0.62 EPS. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total value of $291,557.12. Following the transaction, the director directly owned 22,550 shares of the company's stock, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the transaction, the director directly owned 22,762 shares in the company, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,446 shares of company stock worth $31,154,717 over the last 90 days. Insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently modified their holdings of the stock. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the fourth quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the 1st quarter worth approximately $33,000. Curio Wealth LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $34,000. AllSquare Wealth Management LLC raised its holdings 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 purchasing 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 $36,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.