Micron Technology (NASDAQ:MU) Stock Price Down 3% - What's Next?

Key Points

• Micron Technology's share price decreased by 3% during mid-day trading, currently priced at $123.88, with significantly lower trading volume compared to average levels.
• Equities analysts have raised their price targets for Micron Technology, with a consensus average target of $147.24 and a current rating of "Moderate Buy."
• Micron reported a strong quarterly performance, with earnings of $1.91 per share, exceeding the expected $1.57, alongside a revenue of $9.30 billion.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) fell 3% during mid-day trading on Wednesday . The stock traded as low as $124.42 and last traded at $123.88. 7,321,523 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 23,150,342 shares. The stock had previously closed at $127.75.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 price target on shares of Micron Technology in a research note on Monday. Citigroup raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. KeyCorp increased their price objective on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Susquehanna increased their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday, June 26th. Finally, Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.24.

Micron Technology Trading Up 0.0%

The company has a market cap of $139.13 billion, a price-to-earnings ratio of 22.40 and a beta of 1.37. The firm's fifty day moving average price is $117.39 and its 200-day moving average price is $98.60. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate 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 company posted $0.62 earnings per share. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were given a $0.115 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.4%. Micron Technology's payout ratio is 8.29%.

Insider Transactions at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total transaction of $291,557.12. Following the sale, the director owned 22,550 shares in the company, valued at approximately $2,734,864. The trade was a 9.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the sale, the director owned 22,762 shares in the company, valued at approximately $2,848,664.30. The trade was a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock valued at $34,679,277 in the last quarter. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in the business. First Command Advisory Services Inc. increased its holdings in Micron Technology by 225.0% in the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock worth $27,000 after buying an additional 153 shares during the last quarter. Howard Hughes Medical Institute acquired a new position in Micron Technology in the second quarter worth approximately $30,000. AlphaQuest LLC increased its holdings in Micron Technology by 13,250.0% in the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock worth $33,000 after buying an additional 265 shares during the last quarter. Hilltop National Bank acquired a new position in Micron Technology in the second quarter worth approximately $37,000. Finally, Sunbeam Capital Management LLC acquired a new position in Micron Technology in the fourth quarter worth approximately $26,000. Institutional investors and hedge funds own 80.84% of the company's stock.

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.