Micron Technology (NASDAQ:MU) Trading Down 2.9% – Should You Sell?

Micron Technology, Inc. (NASDAQ:MU)’s stock price dropped 2.9% on Tuesday . The stock traded as low as $100.31 and last traded at $101.48. Approximately 5,407,805 shares changed hands during trading, a decline of 75% from the average daily volume of 21,439,094 shares. The stock had previously closed at $104.48.

Analysts Set New Price Targets

Several brokerages have issued reports on MU. Rosenblatt Securities boosted their price target on shares of Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. China Renaissance initiated coverage on Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. TD Cowen upped their target price on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price objective for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. Finally, Robert W. Baird reduced their target price on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Stock Performance

The business’s fifty day moving average price is $102.80 and its 200-day moving average price is $112.03. 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 $112.09 billion, a PE ratio of 149.24 and a beta of 1.18.

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

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. Micron Technology’s payout ratio is 67.65%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of MU. EntryPoint Capital LLC purchased a new stake in Micron Technology in the first quarter worth about $41,000. Advisors Asset Management Inc. grew its stake in Micron Technology by 513.5% in the first quarter. Advisors Asset Management Inc. now owns 5,902 shares of the semiconductor manufacturer’s stock worth $696,000 after purchasing an additional 4,940 shares during the period. Gamco Investors INC. ET AL bought a new position in Micron Technology in the first quarter worth $290,000. Waverly Advisors LLC lifted its position in Micron Technology by 32.4% during the first quarter. Waverly Advisors LLC now owns 15,077 shares of the semiconductor manufacturer’s stock valued at $1,777,000 after buying an additional 3,689 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in shares of Micron Technology by 18.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 26,964 shares of the semiconductor manufacturer’s stock valued at $3,179,000 after buying an additional 4,230 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

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.