Micron Technology (NASDAQ:MU) Trading Down 2.8% - Should You Sell?

Key Points

• Micron Technology's share price recently decreased by 2.8%, trading as low as $183.24, with significant trading volume of over 27 million shares.
• Several analysts have upgraded their price targets for Micron, with estimates ranging from $155 to $220, suggesting a consensus rating of "Buy".
• The company announced a quarterly dividend of $0.115 per share, set to be paid on October 21st, which represents a 0.2% yield.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price fell 2.8% on Tuesday . The stock traded as low as $183.24 and last traded at $185.69. 27,026,780 shares were traded during trading, an increase of 15% from the average session volume of 23,410,533 shares. The stock had previously closed at $190.96.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MU. JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $185.00 to $220.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Stifel Nicolaus lifted their target price on shares of Micron Technology from $173.00 to $195.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Summit Insights upgraded shares of Micron Technology to a "strong-buy" rating in a research report on Tuesday, September 23rd. CLSA began coverage on shares of Micron Technology in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $155.00 price target on the stock. Finally, Robert W. Baird boosted their price target on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $189.37.

Micron Technology Price Performance

The stock has a market capitalization of $207.81 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 0.41 and a beta of 1.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The stock has a 50-day simple moving average of $136.49 and a 200 day simple moving average of $111.49.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology's payout ratio is currently 6.06%.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 15,000 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the transaction, the chief executive officer directly owned 310,148 shares in the company, valued at approximately $56,093,367.28. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark J. Murphy sold 34,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,456 shares of company stock worth $15,698,445. Insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. First Command Advisory Services Inc. increased its stake in shares of Micron Technology by 225.0% in the 2nd quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after acquiring an additional 153 shares during the last quarter. Howard Hughes Medical Institute bought a new stake in shares of Micron Technology in the 2nd quarter valued at about $30,000. AlphaQuest LLC increased its stake in shares of Micron Technology by 13,250.0% in the 2nd quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock valued at $33,000 after acquiring an additional 265 shares during the last quarter. WealthCollab LLC increased its stake in shares of Micron Technology by 4,500.0% in the 2nd quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 270 shares during the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Micron Technology in the 2nd quarter valued at about $37,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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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