Micron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels. The company offers memory products for the cloud server, enterprise, client, graphics, and networking markets, as well as for smartphone and other mobile-device markets; SSDs and component-level solutions for the enterprise and cloud, client, and consumer storage markets; other discrete storage products in component and wafers; and memory and storage products for the automotive, industrial, and consumer markets. It markets its products through its direct sales force, independent sales representatives, distributors, and retailers; and web-based customer direct sales channel, as well as through channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.
Micron Technology Price Performance
Shares of NASDAQ:MU opened at $62.32 on Friday. The company has a quick ratio of 2.44, a current ratio of 3.24 and a debt-to-equity ratio of 0.14. Micron Technology has a twelve month low of $51.40 and a twelve month high of $98.45. The stock's 50 day moving average is $60.68 and its 200-day moving average is $71.63. The firm has a market capitalization of $68.75 billion, a price-to-earnings ratio of 7.12, a PEG ratio of 0.54 and a beta of 1.28.
Micron Technology (NASDAQ:MU - Get Rating) last issued its earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.50 earnings per share for the quarter, topping analysts' consensus estimates of $2.33 by $0.17. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.66 billion. Micron Technology had a return on equity of 21.91% and a net margin of 30.61%. Micron Technology's revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.81 earnings per share. Sell-side analysts forecast that Micron Technology will post 8.12 EPS for the current fiscal year.
Micron Technology Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 26th. Shareholders of record on Monday, July 11th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend was Friday, July 8th. This is an increase from Micron Technology's previous quarterly dividend of $0.10. Micron Technology's dividend payout ratio is 5.25%.
Analyst Ratings Changes
Several analysts have recently weighed in on MU shares. StockNews.com upgraded Micron Technology from a "hold" rating to a "buy" rating in a report on Thursday, July 21st. JPMorgan Chase & Co. reduced their price target on Micron Technology from $120.00 to $96.00 and set an "overweight" rating on the stock in a report on Tuesday, June 28th. Mizuho reduced their price target on Micron Technology from $84.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday. Bank of America cut Micron Technology from a "buy" rating to a "neutral" rating and reduced their target price for the company from $70.00 to $62.00 in a report on Friday, July 1st. Finally, Barclays reduced their target price on Micron Technology from $105.00 to $75.00 and set an "overweight" rating on the stock in a report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology presently has a consensus rating of "Moderate Buy" and an average target price of $86.54.