Micron Technology (NASDAQ:MU) Trading Down 3% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU) shares were down 3% during trading on Wednesday . The stock traded as low as $101.01 and last traded at $101.02. Approximately 5,258,933 shares traded hands during trading, a decline of 76% from the average daily volume of 21,644,889 shares. The stock had previously closed at $104.10.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MU shares. Robert W. Baird decreased their price objective on Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, September 27th. Citigroup dropped their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. TD Cowen boosted their target price on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Rosenblatt Securities lifted their price target on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the company from $140.00 to $67.00 in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Stock Down 3.7 %

The firm has a 50-day simple moving average of $100.72 and a 200 day simple moving average of $113.03. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The stock has a market capitalization of $111.14 billion, a P/E ratio of 147.27 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. The business’s quarterly revenue was up 93.3% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently bought and sold shares of the company. Highline Wealth Partners LLC purchased a new stake in shares of Micron Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology during the second quarter worth $28,000. Davis Capital Management bought a new stake in shares of Micron Technology during the third quarter worth $30,000. Richard W. Paul & Associates LLC lifted its position in shares of Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares during the last quarter. Finally, DT Investment Partners LLC lifted its position in shares of Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares during the last quarter. Hedge funds and other institutional investors 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.