Micron Technology (NASDAQ:MU) Shares Down 3.3% After Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU) was down 3.3% during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $172.00 to $150.00. Robert W. Baird currently has an outperform rating on the stock. Micron Technology traded as low as $103.10 and last traded at $103.95. Approximately 13,826,064 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 22,132,422 shares. The stock had previously closed at $107.50.

Several other research firms have also recently weighed in on MU. JPMorgan Chase & Co. raised their target price on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday. Piper Sandler raised their target price on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. UBS Group lowered their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, Raymond James increased their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.38.

Institutional Trading of Micron Technology

A number of institutional investors have recently bought and sold shares of the stock. Hobbs Group Advisors LLC acquired a new stake in Micron Technology during the 2nd quarter valued at approximately $28,000. DecisionPoint Financial LLC purchased a new stake in Micron Technology in the 1st quarter worth $25,000. Valued Wealth Advisors LLC increased its holdings in Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares in the last quarter. Richard W. Paul & Associates LLC increased its holdings in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares in the last quarter. Finally, LRI Investments LLC increased its holdings in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Price Performance

The firm has a market cap of $114.94 billion, a PE ratio of -73.20, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The stock’s fifty day moving average price is $97.63 and its 200-day moving average price is $114.96. 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 (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. Micron Technology’s quarterly revenue was up 93.3% on a year-over-year basis. As a group, equities analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, October 7th. Micron Technology’s payout ratio is -32.39%.

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.