Micron Technology (NASDAQ:MU) Stock Price Down 4% – Here’s Why

by · The Markets Daily

Micron Technology, Inc. (NASDAQ:MU – Get Free Report)’s share price dropped 4% during mid-day trading on Friday . The stock traded as low as $66.82 and last traded at $67.28. Approximately 9,954,008 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 23,162,576 shares. The stock had previously closed at $70.05.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $125.00 to $110.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. dropped their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of Micron Technology in a research note on Friday, March 21st. Finally, Barclays raised their target price on shares of Micron Technology from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $129.76.

Read Our Latest Analysis on MU

Micron Technology Price Performance

The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average price is $91.08 and its 200 day moving average price is $97.27. The firm has a market capitalization of $77.54 billion, a PE ratio of 19.98 and a beta of 1.18.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. As a group, equities analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.115 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.66%. Micron Technology’s dividend payout ratio is presently 11.03%.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors have recently modified their holdings of the stock. Coldstream Capital Management Inc. increased its stake in Micron Technology by 18.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 15,252 shares of the semiconductor manufacturer’s stock worth $1,573,000 after buying an additional 2,372 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Micron Technology by 30.2% during the third quarter. Sunbelt Securities Inc. now owns 1,260 shares of the semiconductor manufacturer’s stock worth $131,000 after purchasing an additional 292 shares in the last quarter. Soltis Investment Advisors LLC raised its stake in Micron Technology by 6.1% in the 3rd quarter. Soltis Investment Advisors LLC now owns 2,808 shares of the semiconductor manufacturer’s stock valued at $291,000 after purchasing an additional 161 shares during the last quarter. SOA Wealth Advisors LLC. lifted its holdings in Micron Technology by 37.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,189 shares of the semiconductor manufacturer’s stock valued at $123,000 after purchasing an additional 325 shares in the last quarter. Finally, SkyView Investment Advisors LLC lifted its holdings in Micron Technology by 3.7% in the 3rd quarter. SkyView Investment Advisors LLC now owns 6,696 shares of the semiconductor manufacturer’s stock valued at $694,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

(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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