Micron Technology (NASDAQ:MU) Trading Down 0.9% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s share price dropped 0.9% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $190.00 to $175.00. Wells Fargo & Company currently has an overweight rating on the stock. Micron Technology traded as low as $87.68 and last traded at $87.96. Approximately 3,256,663 shares changed hands during trading, a decline of 85% from the average daily volume of 21,257,572 shares. The stock had previously closed at $88.73.

MU has been the subject of a number of other research reports. Needham & Company LLC reduced their price objective on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Piper Sandler raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Morgan Stanley reduced their price target on Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Monday. Robert W. Baird upped their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday, June 24th. Finally, Bank of America lifted their target price on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average price target of $148.54.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hobbs Group Advisors LLC purchased a new position in Micron Technology during the second quarter worth about $28,000. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology during the 1st quarter valued at approximately $25,000. Valued Wealth Advisors LLC lifted its holdings in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC grew its position in Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares during the period. Finally, LRI Investments LLC increased its stake in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

The firm has a 50 day simple moving average of $101.48 and a 200-day simple moving average of $114.77. The company has a market cap of $96.86 billion, a price-to-earnings ratio of -61.51 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

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

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

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.