Micron Technology (NASDAQ:MU) Stock Price Down 2.6% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price dropped 2.6% during mid-day trading on Monday after UBS Group lowered their price target on the stock from $130.00 to $92.00. UBS Group currently has a buy rating on the stock. Micron Technology traded as low as $78.38 and last traded at $77.70. Approximately 4,540,564 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 23,210,049 shares. The stock had previously closed at $79.78.

A number of other research analysts have also recently weighed in on the stock. Citigroup dropped their price objective on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating for the company in a report on Friday, April 11th. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a report on Wednesday, March 19th. Cantor Fitzgerald restated an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a research report on Friday, March 21st. Morgan Stanley boosted their price objective on shares of Micron Technology from $91.00 to $112.00 and gave the stock an "equal weight" rating in a research report on Friday, March 21st. Finally, Robert W. Baird boosted their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $127.04.

Insider Transactions at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company's stock.

Institutional Trading of Micron Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MU. Sunbeam Capital Management LLC purchased a new stake in Micron Technology during the 4th quarter worth approximately $26,000. Beacon Capital Management LLC increased its holdings in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares during the last quarter. Midwest Capital Advisors LLC purchased a new stake in Micron Technology during the 4th quarter worth approximately $33,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the 1st quarter worth approximately $33,000. Finally, Activest Wealth Management increased its holdings in Micron Technology by 583.3% during the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 350 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Up 1.1 %

The company has a market cap of $86.91 billion, a price-to-earnings ratio of 22.41 and a beta of 1.18. The firm has a 50-day moving average price of $84.23 and a 200 day moving average price of $94.38. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business's revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. As a group, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.59%. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

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.