Micron Technology (NASDAQ:MU) Trading Down 2% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price traded down 2% during trading on Tuesday 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 $76.53 and last traded at $76.98. 5,313,534 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 23,186,876 shares. The stock had previously closed at $78.56.

Several other analysts also recently commented on the company. Robert W. Baird raised their target price on Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research note on Friday, March 21st. China Renaissance downgraded shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a research report on Wednesday, March 26th. Royal Bank of Canada set a $125.00 price objective on Micron Technology in a research note on Wednesday, March 19th. Rosenblatt Securities lowered their price target on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $130.00 target price on shares of Micron Technology in a report on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $127.04.

Insider Activity

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

Institutional Trading of Micron Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SOA Wealth Advisors LLC. grew its stake in Micron Technology by 37.6% in the third quarter. SOA Wealth Advisors LLC. now owns 1,189 shares of the semiconductor manufacturer's stock worth $123,000 after purchasing an additional 325 shares in the last quarter. SkyView Investment Advisors LLC raised its holdings in shares of Micron Technology by 3.7% in the third quarter. SkyView Investment Advisors LLC now owns 6,696 shares of the semiconductor manufacturer's stock valued at $694,000 after acquiring an additional 241 shares in the last quarter. Pine Valley Investments Ltd Liability Co lifted its stake in Micron Technology by 524.2% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 14,863 shares of the semiconductor manufacturer's stock worth $1,541,000 after acquiring an additional 12,482 shares during the period. World Investment Advisors LLC raised its holdings in shares of Micron Technology by 103.7% in the 3rd quarter. World Investment Advisors LLC now owns 3,315 shares of the semiconductor manufacturer's stock valued at $344,000 after purchasing an additional 1,688 shares in the last quarter. Finally, Arvest Bank Trust Division purchased a new stake in shares of Micron Technology in the 3rd quarter worth approximately $21,406,000. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Trading Down 2.1 %

The stock has a market capitalization of $85.97 billion, a P/E ratio of 22.18 and a beta of 1.18. The stock's 50 day moving average price is $85.19 and its 200-day moving average price is $94.62. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

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

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid 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 dividend yield of 0.60%. Micron Technology's payout ratio is 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.

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