Micron Technology (NASDAQ:MU) Shares Down 12.6% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU) traded down 12.6% during trading on Thursday . The stock traded as low as $77.39 and last traded at $77.47. 13,873,844 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 22,685,128 shares. The stock had previously closed at $88.60.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MU shares. Mizuho cut their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Piper Sandler cut their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Needham & Company LLC cut their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. China Renaissance cut shares of Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 target price for the company. in a research report on Wednesday, March 26th. Finally, KGI Securities raised Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.76.

Micron Technology Trading Down 16.1 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The business’s 50-day moving average is $94.80 and its two-hundred day moving average is $98.42. The firm has a market cap of $83.08 billion, a P/E ratio of 21.42 and a beta of 1.23.

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

Micron Technology Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s payout ratio is presently 11.03%.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in MU. E Fund Management Co. Ltd. grew its holdings in Micron Technology by 31.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock valued at $3,062,000 after buying an additional 8,780 shares in the last quarter. Stablepoint Partners LLC bought a new position in Micron Technology during the fourth quarter worth about $569,000. State Street Corp boosted its holdings in Micron Technology by 3.1% in the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Main Management ETF Advisors LLC acquired a new position in shares of Micron Technology during the 3rd quarter worth approximately $2,414,000. Finally, Fort Washington Investment Advisors Inc. OH increased its holdings in shares of Micron Technology by 11.7% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 502,374 shares of the semiconductor manufacturer’s stock worth $42,280,000 after purchasing an additional 52,729 shares during the period. 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.