Micron Technology (NASDAQ:MU) Trading Down 2.6% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU) traded down 2.6% during mid-day trading on Tuesday . The stock traded as low as $94.20 and last traded at $94.44. 7,446,097 shares were traded during trading, a decline of 67% from the average session volume of 22,731,537 shares. The stock had previously closed at $96.94.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Citigroup decreased their price objective on Micron Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, March 21st. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. decreased their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research report on Friday, March 21st. Finally, UBS Group boosted their price objective on shares of Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $129.96.

Micron Technology Trading Down 2.5 %

The firm has a market cap of $100.12 billion, a P/E ratio of 26.02 and a beta of 1.23. The stock has a 50 day simple moving average of $96.58 and a 200-day simple moving average of $98.41. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 earnings per share. On average, equities research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is 11.03%.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology in the fourth quarter valued at about $26,000. Stone House Investment Management LLC grew its stake in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 277 shares during the period. True Wealth Design LLC lifted its holdings in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. Beacon Capital Management LLC raised its position in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares during the last quarter. Finally, Midwest Capital Advisors LLC purchased a new stake in Micron Technology during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.