Micron Technology (NASDAQ:MU) Stock Price Down 0.7% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU) shares were down 0.7% during trading on Tuesday . The company traded as low as $93.93 and last traded at $95.30. Approximately 4,271,675 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 23,314,967 shares. The stock had previously closed at $95.93.

Analyst Ratings Changes

MU has been the subject of several research analyst reports. UBS Group lowered their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Morgan Stanley decreased their target price on Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Barclays decreased their price objective on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. Piper Sandler decreased their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, China Renaissance started coverage on shares of Micron Technology in a report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Stock Performance

The firm’s 50-day moving average price is $96.58 and its 200 day moving average price is $98.88. The company has a market cap of $104.81 billion, a price-to-earnings ratio of 27.13 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter last year, the firm earned ($0.95) earnings per share. The firm’s revenue for the quarter was up 84.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 6.29 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio is 13.26%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Highline Wealth Partners LLC acquired a new position in Micron Technology in the third quarter valued at approximately $26,000. Beacon Capital Management LLC boosted its stake in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after buying an additional 200 shares during the last quarter. True Wealth Design LLC grew its stake in Micron Technology by 1,096.3% in the 3rd 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 during the period. Midwest Capital Advisors LLC bought a new stake in Micron Technology in the fourth quarter worth about $33,000. Finally, DT Investment Partners LLC raised its holdings in shares of Micron Technology by 261.1% in the 3rd 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 period. Institutional investors and hedge funds 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.