Micron Technology (NASDAQ:MU) Trading Down 1.1%

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares traded down 1.1% during trading on Wednesday . The stock traded as low as $119.85 and last traded at $120.41. 5,743,333 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 20,023,742 shares. The stock had previously closed at $121.77.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company raised their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Thursday, March 21st. Barclays lifted their target price on shares of Micron Technology from $95.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, March 18th. Raymond James lifted their target price on shares of Micron Technology from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, January 19th. Needham & Company LLC lifted their target price on shares of Micron Technology from $100.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, March 21st. Finally, Fox Advisors upgraded shares of Micron Technology from an "equal weight" rating to an "overweight" rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $122.20.

Micron Technology Stock Performance

The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The business's 50 day moving average is $101.98 and its two-hundred day moving average is $86.22. The company has a market cap of $128.82 billion, a PE ratio of -33.72 and a beta of 1.27.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to analysts' expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business's quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.03) EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology's payout ratio is currently -13.33%.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the sale, the chief executive officer now directly owns 642,251 shares in the company, valued at approximately $56,139,159.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the transaction, the chief executive officer now directly owns 642,251 shares in the company, valued at approximately $56,139,159.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 313,890 shares of company stock worth $33,617,027. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer's stock worth $8,106,001,000 after acquiring an additional 755,588 shares in the last quarter. State Street Corp lifted its position in shares of Micron Technology by 2.4% in the 1st quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer's stock worth $2,770,316,000 after purchasing an additional 1,074,820 shares during the period. Sanders Capital LLC lifted its position in shares of Micron Technology by 2.3% in the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer's stock worth $1,927,263,000 after purchasing an additional 503,923 shares during the period. FMR LLC lifted its position in shares of Micron Technology by 47.9% in the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer's stock worth $1,489,801,000 after purchasing an additional 7,089,790 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Micron Technology by 1.3% in the 1st quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer's stock worth $1,225,181,000 after purchasing an additional 253,179 shares during the period. 80.84% of the stock is currently 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.