Micron Technology (NASDAQ:MU) Stock Price Down 2.5% – What’s Next?

Micron Technology, Inc. (NASDAQ:MU)’s share price was down 2.5% on Thursday . The company traded as low as $98.30 and last traded at $99.41. Approximately 33,454,488 shares traded hands during mid-day trading, an increase of 1% from the average daily volume of 33,138,441 shares. The stock had previously closed at $101.91.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MU shares. Robert W. Baird cut their price objective on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Piper Sandler decreased their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group lowered their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Stifel Nicolaus reduced their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price target for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $135.24.

Micron Technology Stock Performance

The company has a 50-day moving average of $98.69 and a 200-day moving average of $104.00. The firm has a market capitalization of $110.76 billion, a P/E ratio of 146.19 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter last year, the business earned ($0.95) EPS. The company’s revenue was up 84.3% compared to the same quarter last year. On average, equities analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the 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 owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stonebrook Private Inc. lifted its position in shares of Micron Technology by 4.2% during the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after purchasing an additional 98 shares in the last quarter. John G Ullman & Associates Inc. increased its stake in Micron Technology by 2.5% in the 3rd quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock valued at $421,000 after buying an additional 100 shares during the last quarter. Trust Co. of Vermont lifted its position in shares of Micron Technology by 14.3% during the 3rd quarter. Trust Co. of Vermont now owns 821 shares of the semiconductor manufacturer’s stock worth $85,000 after buying an additional 103 shares in the last quarter. PDS Planning Inc boosted its stake in shares of Micron Technology by 2.4% in the 3rd quarter. PDS Planning Inc now owns 4,382 shares of the semiconductor manufacturer’s stock worth $454,000 after buying an additional 104 shares during the last quarter. Finally, Legacy Financial Advisors Inc. grew its holdings in shares of Micron Technology by 5.3% in the second quarter. Legacy Financial Advisors Inc. now owns 2,357 shares of the semiconductor manufacturer’s stock valued at $310,000 after acquiring an additional 118 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.