Micron Technology (NASDAQ:MU) Shares Down 0.6%

Micron Technology, Inc. (NASDAQ:MU)’s stock price dropped 0.6% on Tuesday . The company traded as low as $92.76 and last traded at $93.01. Approximately 7,075,253 shares traded hands during trading, a decline of 67% from the average daily volume of 21,345,795 shares. The stock had previously closed at $93.57.

Wall Street Analyst Weigh In

MU has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. KeyCorp decreased their target price on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Mizuho lifted their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Raymond James decreased their price objective on Micron Technology from $160.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, September 12th. Finally, Susquehanna reduced their target price on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.65.

Micron Technology Stock Performance

The business has a 50-day simple moving average of $99.06 and a 200 day simple moving average of $114.79. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The firm has a market cap of $104.61 billion, a PE ratio of -65.50 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the firm posted ($1.57) EPS. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. Equities research analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the stock. Centaurus Financial Inc. boosted its stake in shares of Micron Technology by 13.2% during the 2nd quarter. Centaurus Financial Inc. now owns 13,293 shares of the semiconductor manufacturer’s stock worth $1,748,000 after purchasing an additional 1,554 shares during the period. SS&H Financial Advisors Inc. lifted its stake in Micron Technology by 3.2% in the second quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after purchasing an additional 650 shares during the last quarter. Heritage Wealth Management Inc. purchased a new position in shares of Micron Technology during the second quarter valued at approximately $445,000. Sanctuary Advisors LLC purchased a new stake in shares of Micron Technology in the second quarter worth approximately $5,306,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Micron Technology in the second quarter worth approximately $92,000. 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.