Micron Technology, Inc. Announces Quarterly Dividend of $0.12 (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) announced a quarterly dividend on Thursday, September 26th, Wall Street Journal reports. Investors of record on Monday, October 7th will be given a dividend of 0.115 per share by the semiconductor manufacturer on Wednesday, October 23rd. This represents a $0.46 annualized dividend and a yield of 0.42%. The ex-dividend date is Monday, October 7th.

Micron Technology has a dividend payout ratio of 5.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Micron Technology to earn $8.60 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 5.3%.

Micron Technology Price Performance

NASDAQ:MU traded up $14.11 during trading hours on Thursday, hitting $109.88. The company’s stock had a trading volume of 107,149,398 shares, compared to its average volume of 22,034,277. The stock has a fifty day simple moving average of $97.92 and a 200-day simple moving average of $114.64. The company has a market capitalization of $121.84 billion, a P/E ratio of -76.78, a PEG ratio of 0.20 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. Micron Technology has a twelve month low of $63.83 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same period last year, the firm posted ($1.21) earnings per share. On average, analysts anticipate that Micron Technology will post 0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MU has been the topic of a number of research reports. Bank of America upped their target price on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup decreased their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Susquehanna reduced their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday. Wedbush restated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday. Finally, TD Cowen increased their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.23.

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.