Micron Technology (NASDAQ:MU) Trading Down 3.4% After Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded down 3.4% during mid-day trading on Monday after Morgan Stanley lowered their price target on the stock from $140.00 to $100.00. Morgan Stanley currently has an equal weight rating on the stock. Micron Technology traded as low as $85.92 and last traded at $88.12. 7,012,819 shares were traded during mid-day trading, a decline of 67% from the average session volume of 21,268,990 shares. The stock had previously closed at $91.22.

Several other analysts have also weighed in on the company. UBS Group lowered their target price on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. TD Cowen increased their price objective on Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Raymond James decreased their price objective on Micron Technology from $160.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, September 12th. Finally, Piper Sandler increased their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One equities research 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, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $150.77.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently added to or reduced their stakes in the business. Tidemark LLC bought a new stake in Micron Technology during the 4th quarter valued at $25,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the 1st quarter worth $25,000. Pingora Partners LLC bought a new stake in shares of Micron Technology in the 4th quarter worth $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the 2nd quarter worth $28,000. Finally, Frank Rimerman Advisors LLC bought a new stake in shares of Micron Technology in the 4th quarter worth $29,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 4.4 %

The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a 50 day moving average price of $103.31 and a 200 day moving average price of $115.01. The company has a market cap of $96.67 billion, a P/E ratio of -61.39 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.57) EPS. Research analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, July 8th. 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.