Micron Technology (NASDAQ:MU) Reaches New 1-Year Low – Should You Sell?

Micron Technology, Inc. (NASDAQ:MU)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $79.02 and last traded at $78.21, with a volume of 10239532 shares trading hands. The stock had previously closed at $88.60.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of research reports. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a research note on Monday, March 17th. Wells Fargo & Company reduced their target price on shares of Micron Technology from $140.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Barclays lifted their price target on Micron Technology from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Piper Sandler dropped their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, UBS Group raised their price target on shares of Micron Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $129.76.

Micron Technology Price 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 company has a 50 day moving average of $94.80 and a 200-day moving average of $98.42. The firm has a market capitalization of $85.09 billion, a P/E ratio of 21.94 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the company earned $0.42 EPS. On average, sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. The ex-dividend date is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.60%. Micron Technology’s payout ratio is 11.03%.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction 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 owns 164,769 shares in the company, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds have recently added to or reduced their stakes in the business. Marcum Wealth LLC grew its position in shares of Micron Technology by 4.0% in the 1st quarter. Marcum Wealth LLC now owns 5,119 shares of the semiconductor manufacturer’s stock valued at $445,000 after buying an additional 198 shares during the last quarter. Centre Asset Management LLC bought a new position in Micron Technology during the 1st quarter worth approximately $7,720,000. MassMutual Private Wealth & Trust FSB raised its holdings in Micron Technology by 5.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 4,029 shares of the semiconductor manufacturer’s stock worth $350,000 after purchasing an additional 219 shares during the last quarter. Fairtree Asset Management Pty Ltd acquired a new position in shares of Micron Technology in the 4th quarter worth approximately $554,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Micron Technology by 10.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer’s stock valued at $29,507,000 after purchasing an additional 32,502 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.