Shares of Micron Technology, Inc. (NASDAQ:MU – Get Free Report) were down 3.3% on Monday following insider selling activity. The company traded as low as $103.10 and last traded at $103.95. Approximately 13,826,064 shares changed hands during trading, a decline of 38% from the average daily volume of 22,132,422 shares. The stock had previously closed at $107.50.
Specifically, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction 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 transaction, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on MU shares. Stifel Nicolaus cut their price target on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Rosenblatt Securities boosted their target price on shares of Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley boosted their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Bank of America boosted their target price on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Citigroup dropped their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.23.
Micron Technology Stock Down 3.3 %
The stock’s fifty day moving average price is $97.12 and its 200 day moving average price is $115.10. The stock has a market cap of $111.23 billion, a P/E ratio of -70.64, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.
Micron Technology (NASDAQ:MU – Get Free Report) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.21) EPS. As a group, research analysts forecast that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be given a $0.115 dividend. The ex-dividend date is Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.46%. Micron Technology’s dividend payout ratio is -32.39%.
Institutional Investors Weigh In On Micron Technology
Institutional investors and hedge funds have recently modified their holdings of the stock. DecisionPoint Financial LLC bought a new stake in Micron Technology during the 1st quarter valued at about $25,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the second quarter worth approximately $28,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology during the fourth quarter valued at approximately $29,000. Valued Wealth Advisors LLC grew its position in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the period. Finally, Davis Capital Management bought a new stake in Micron Technology during the third quarter valued at approximately $30,000. 80.84% of the stock is owned by hedge funds and other institutional investors.
Micron Technology Company Profile
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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