Micron Technology (MU) Trading Down 5.5%

Micron Technology, Inc. (NASDAQ:MU) dropped 5.5% during mid-day trading on Tuesday . The stock traded as low as $50.10 and last traded at $51.48. Approximately 52,190,100 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 51,754,547 shares. The stock had previously closed at $54.48.

MU has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Micron Technology from $60.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, March 23rd. BidaskClub raised shares of Micron Technology from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Rosenblatt Securities boosted their price target on shares of Micron Technology to $120.00 in a report on Thursday, June 21st. BMO Capital Markets boosted their price target on shares of Micron Technology from $43.00 to $63.00 and gave the company a “market perform” rating in a report on Wednesday, March 21st. Finally, ValuEngine lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Seven equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. Micron Technology currently has an average rating of “Buy” and a consensus price target of $70.40.

The stock has a market capitalization of $60.82 billion, a PE ratio of 11.67, a PEG ratio of 0.55 and a beta of 1.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.76 billion. During the same period in the prior year, the company posted $1.62 EPS. The company’s revenue was up 40.1% compared to the same quarter last year. equities research analysts expect that Micron Technology, Inc. will post 11.57 earnings per share for the current year.

Micron Technology declared that its board has initiated a share repurchase plan on Monday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 16.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In other Micron Technology news, EVP Scott J. Deboer sold 24,795 shares of the company’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $62.00, for a total transaction of $1,537,290.00. Following the transaction, the executive vice president now directly owns 128,579 shares in the company, valued at approximately $7,971,898. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Patrick J. Byrne sold 14,360 shares of the company’s stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total transaction of $665,011.60. Following the transaction, the director now owns 100,299 shares in the company, valued at $4,644,846.69. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Several large investors have recently made changes to their positions in MU. Mackenzie Financial Corp acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $642,000. Lombard Odier Asset Management Switzerland SA raised its position in shares of Micron Technology by 22.5% in the 4th quarter. Lombard Odier Asset Management Switzerland SA now owns 57,619 shares of the semiconductor manufacturer’s stock valued at $2,369,000 after acquiring an additional 10,597 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in shares of Micron Technology by 3.8% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 4,120,181 shares of the semiconductor manufacturer’s stock valued at $169,420,000 after acquiring an additional 150,311 shares during the period. Alphinity Investment Management Pty Ltd acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $4,758,000. Finally, MML Investors Services LLC raised its position in shares of Micron Technology by 22.8% in the 4th quarter. MML Investors Services LLC now owns 33,374 shares of the semiconductor manufacturer’s stock valued at $1,372,000 after acquiring an additional 6,188 shares during the period. Institutional investors and hedge funds own 78.42% of the company’s stock.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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