Micron Technology (NASDAQ:MU) Shares Down 1.8% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price was down 1.8% during trading on Tuesday . The company traded as low as $93.12 and last traded at $93.74. Approximately 5,110,858 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 22,188,643 shares. The stock had previously closed at $95.41.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MU. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. Mizuho reduced their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group lowered their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research report on Wednesday, December 18th. Finally, Piper Sandler lowered their price target on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Stock Performance

The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The stock has a market cap of $104.50 billion, a price-to-earnings ratio of 27.06 and a beta of 1.18. The firm has a fifty day simple moving average of $96.02 and a 200-day simple moving average of $98.93.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $8.71 billion. During the same quarter last year, the firm earned ($0.95) EPS. Micron Technology’s quarterly revenue was up 84.3% compared to the same quarter last year. Analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Micron Technology

Several institutional investors have recently added to or reduced their stakes in MU. Highline Wealth Partners LLC acquired a new position in Micron Technology during the 3rd quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the fourth quarter worth $26,000. Beacon Capital Management LLC lifted its position in shares of Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares in the last quarter. True Wealth Design LLC boosted 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 worth $33,000 after purchasing an additional 296 shares during the last quarter. Finally, Midwest Capital Advisors LLC bought a new position in Micron Technology in the fourth quarter valued at $33,000. 80.84% of the stock is owned by institutional investors.

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.