Micron Technology (NASDAQ:MU) Trading Down 3.1%

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price dropped 3.1% on Wednesday . The company traded as low as $109.38 and last traded at $109.50. Approximately 4,775,433 shares were traded during trading, a decline of 76% from the average daily volume of 20,224,328 shares. The stock had previously closed at $112.96.

Analyst Ratings Changes

MU has been the topic of a number of recent analyst reports. KeyCorp upped their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, April 8th. Wedbush boosted their price objective on shares of Micron Technology from $103.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, March 21st. Morgan Stanley boosted their price objective on shares of Micron Technology from $78.00 to $98.00 and gave the stock an "underweight" rating in a research report on Thursday, March 21st. Piper Sandler boosted their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, March 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $122.20.

Micron Technology Stock Performance

The stock's 50 day moving average price is $107.85 and its 200 day moving average price is $89.19. 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 company has a market cap of $121.48 billion, a price-to-earnings ratio of -31.80 and a beta of 1.27.

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

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date was Thursday, March 28th. Micron Technology's dividend payout ratio (DPR) is presently -13.33%.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total value of $783,510.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company's stock, valued at $80,483,154.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total value of $783,510.00. Following the transaction, the chief executive officer now owns 719,049 shares of the company's stock, valued at $80,483,154.57. The disclosure for this sale can be found here. In the last quarter, insiders sold 261,890 shares of company stock valued at $29,129,527. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. lifted its stake in Micron Technology by 19.5% during the first quarter. Blue Trust Inc. now owns 8,113 shares of the semiconductor manufacturer's stock worth $956,000 after purchasing an additional 1,322 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Micron Technology by 0.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,562,839 shares of the semiconductor manufacturer's stock worth $302,133,000 after purchasing an additional 21,358 shares during the last quarter. Prosperity Consulting Group LLC bought a new position in Micron Technology during the first quarter worth $213,000. Avior Wealth Management LLC lifted its stake in Micron Technology by 75.9% during the first quarter. Avior Wealth Management LLC now owns 32,472 shares of the semiconductor manufacturer's stock worth $3,828,000 after purchasing an additional 14,007 shares during the last quarter. Finally, Braun Stacey Associates Inc. lifted its stake in Micron Technology by 7.9% during the first quarter. Braun Stacey Associates Inc. now owns 262,542 shares of the semiconductor manufacturer's stock worth $30,951,000 after purchasing an additional 19,298 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.