Micron Technology (NASDAQ:MU) Trading Down 0.4% Following Analyst Downgrade

by · The Markets Daily

Micron Technology, Inc. (NASDAQ:MU – Get Free Report)’s stock price was down 0.4% on Friday after Barclays lowered their price target on the stock from $145.00 to $110.00. Barclays currently has an overweight rating on the stock. Micron Technology traded as low as $83.54 and last traded at $86.72. Approximately 15,771,937 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 21,870,152 shares. The stock had previously closed at $87.09.

A number of other analysts have also recently commented on the company. TD Cowen dropped their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday. Mizuho cut their target price on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday. Wells Fargo & Company lowered their price target on Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday. Morgan Stanley cut their price objective on shares of Micron Technology from $114.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Robert W. Baird dropped their target price on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $132.26.

Check Out Our Latest Stock Analysis on MU

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Highline Wealth Partners LLC bought a new position in Micron Technology during the third quarter valued at $26,000. LRI Investments LLC grew its holdings in Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares during the last quarter. Davis Capital Management purchased a new stake in shares of Micron Technology in the third quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Micron Technology during the 2nd quarter worth approximately $39,000. Finally, New Millennium Group LLC purchased a new position in Micron Technology during the 2nd quarter valued at $39,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

The firm has a market capitalization of $96.58 billion, a P/E ratio of 127.49 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The firm has a 50-day moving average price of $103.48 and a two-hundred day moving average price of $108.93.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.95) EPS. On average, analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

About Micron Technology

(Get Free Report)

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.

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