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

Shares of Micron Technology, Inc. (NASDAQ:MU) were down 0.8% on Monday . The company traded as low as $88.02 and last traded at $90.55. Approximately 6,859,142 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 25,553,680 shares. The stock had previously closed at $91.24.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MU. The Goldman Sachs Group cut their price target on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Cantor Fitzgerald cut their price objective on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Needham & Company LLC lowered their price target on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Wedbush reissued an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company lowered their target price on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. 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 company’s stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $134.96.

Micron Technology Stock Performance

The firm has a market capitalization of $100.19 billion, a PE ratio of 25.91 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The business has a 50-day simple moving average of $97.43 and a 200-day simple moving average of $99.74.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same period last year, the company earned ($0.95) earnings per share. Micron Technology’s revenue was up 84.3% on a year-over-year basis. Equities research analysts expect that Micron Technology, Inc. will post 6.29 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were 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 of the company’s stock, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Advisory Group Advisory Services LLC purchased a new stake in Micron Technology in the fourth quarter worth about $397,000. Bank of Stockton raised its holdings in shares of Micron Technology by 3.7% in the 4th quarter. Bank of Stockton now owns 18,362 shares of the semiconductor manufacturer’s stock valued at $1,545,000 after purchasing an additional 647 shares in the last quarter. Transcend Capital Advisors LLC boosted its stake in shares of Micron Technology by 60.7% during the fourth quarter. Transcend Capital Advisors LLC now owns 6,159 shares of the semiconductor manufacturer’s stock valued at $518,000 after purchasing an additional 2,326 shares in the last quarter. Paradigm Asset Management Co. LLC increased its holdings in Micron Technology by 811.1% during the fourth quarter. Paradigm Asset Management Co. LLC now owns 16,400 shares of the semiconductor manufacturer’s stock valued at $1,380,000 after buying an additional 14,600 shares during the period. Finally, Cassaday & Co Wealth Management LLC bought a new position in Micron Technology in the fourth quarter worth approximately $357,000. 80.84% of the stock is currently 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.