Micron Technology (NASDAQ:MU) Shares Gap Down on Analyst Downgrade

Shares of Micron Technology, Inc. (NASDAQ:MU) gapped down before the market opened on Thursday after UBS Group lowered their price target on the stock from $155.00 to $153.00. The stock had previously closed at $142.36, but opened at $135.79. UBS Group currently has a buy rating on the stock. Micron Technology shares last traded at $136.31, with a volume of 11,122,377 shares.

Several other research analysts have also weighed in on the company. StockNews.com upgraded Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Mizuho boosted their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. Robert W. Baird boosted their price target on Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday, June 24th. The Goldman Sachs Group boosted their price target on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $158.52.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares in the company, valued at $90,780,874.13. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of the sale, the senior vice president now owns 153,387 shares in the company, valued at $17,723,867.85. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total value of $854,630.00. Following the sale, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The disclosure for this sale can be found here. Insiders have sold a total of 304,840 shares of company stock valued at $37,961,924 over the last 90 days. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors have recently made changes to their positions in the stock. Atria Investments Inc boosted its stake in shares of Micron Technology by 0.3% in the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the period. Revolve Wealth Partners LLC lifted its stake in Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares during the last quarter. Retirement Group LLC lifted its stake in Micron Technology by 37.3% during the first quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after purchasing an additional 100 shares during the last quarter. AIA Group Ltd lifted its stake in Micron Technology by 2.1% during the first quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock worth $568,000 after purchasing an additional 101 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its stake in Micron Technology by 5.2% during the first quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock worth $250,000 after purchasing an additional 104 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Down 0.5 %

The firm has a 50 day simple moving average of $128.07 and a two-hundred day simple moving average of $106.08. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Micron Technology had a negative return on equity of 4.03% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same period in the prior year, the company earned ($1.57) earnings per share. The company’s quarterly revenue was up 81.5% on a year-over-year basis. On average, equities research analysts expect that Micron Technology, Inc. will post 0.35 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

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.