Micron Technology (NASDAQ:MU) Stock Price Down 3.8% - Time to Sell?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares traded down 3.8% during trading on Tuesday . The company traded as low as $108.31 and last traded at $108.95. 9,820,911 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 23,285,124 shares. The stock had previously closed at $113.23.

Analysts Set New Price Targets

Several brokerages recently weighed in on MU. Piper Sandler increased their price objective on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Micron Technology in a report on Thursday, July 10th. They set a "buy" rating and a $150.00 price objective on the stock. UBS Group raised their price target on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Citigroup raised 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. Finally, Robert W. Baird raised their price target on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Micron Technology has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Trading Down 3.5%

The stock has a market capitalization of $122.33 billion, a P/E ratio of 19.69 and a beta of 1.35. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock's 50 day moving average price is $111.39 and its 200-day moving average price is $97.08.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results 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 business 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 quarter in the prior year, the business posted $0.62 EPS. As a group, equities research analysts expect 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. Stockholders of record on Monday, July 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. Micron Technology's payout ratio is 8.29%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the sale, the executive vice president owned 148,167 shares in the company, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction dated 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 owned 22,762 shares of the company's stock, valued at $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 254,446 shares of company stock valued at $31,154,717. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter valued at approximately $1,470,875,000. Capital World Investors boosted its position 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 worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. FMR LLC raised its stake in shares of Micron Technology by 34.6% in the 4th 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 period. Capital Research Global Investors raised its position in shares of Micron Technology by 139.7% during the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after buying an additional 9,489,579 shares in the last quarter. Finally, Capital International Investors increased its position in shares of Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after acquiring an additional 4,375,232 shares in the last quarter. 80.84% of the stock is owned by 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.

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