Micron Technology (NASDAQ:MU) Stock Price Down 0.8% – What’s Next?

Micron Technology, Inc. (NASDAQ:MU)’s stock price fell 0.8% during trading on Tuesday . The company traded as low as $88.23 and last traded at $89.00. 5,293,474 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 21,962,941 shares. The stock had previously closed at $89.72.

Wall Street Analyst Weigh In

MU has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price target on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Morgan Stanley lowered their price objective on Micron Technology from $114.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Wedbush reissued an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research report on Tuesday, December 17th. TD Cowen lowered their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Finally, Needham & Company LLC cut their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.24.

Micron Technology Price Performance

The firm has a 50-day simple moving average of $102.07 and a 200-day simple moving average of $107.66. The firm has a market cap of $99.47 billion, a P/E ratio of 131.30 and a beta of 1.16. 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 EPS for the quarter, beating 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 business had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same period in the prior year, the firm posted ($0.95) earnings per share. The company’s quarterly revenue was up 84.3% on a year-over-year basis. As a group, analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared 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. This represents a $0.46 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s dividend payout ratio is presently 13.26%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology in the third quarter worth about $26,000. Davis Capital Management purchased a new position in Micron Technology during the 3rd quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Micron Technology during the 2nd quarter valued at approximately $39,000. Cranbrook Wealth Management LLC purchased a new stake in shares of Micron Technology in the 2nd quarter valued at $42,000. Finally, Stone House Investment Management LLC increased its stake in shares of Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 277 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.