Micron Technology (NASDAQ:MU) Trading Down 1.8% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU) dropped 1.8% during trading on Monday after Barclays lowered their price target on the stock from $145.00 to $110.00. Barclays currently has an overweight rating on the stock. Micron Technology traded as low as $88.40 and last traded at $88.51. Approximately 7,645,532 shares were traded during trading, a decline of 65% from the average daily volume of 21,952,170 shares. The stock had previously closed at $90.12.

Other equities analysts have also recently issued reports about the stock. Piper Sandler decreased their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday. Cantor Fitzgerald lowered their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday. TD Cowen dropped their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $110.00 in a report on Thursday. Finally, Wedbush restated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $135.24.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of the company. Highline Wealth Partners LLC bought a new stake in shares of Micron Technology during the 3rd quarter worth $26,000. Davis Capital Management acquired a new position in Micron Technology during the third quarter worth about $30,000. True Wealth Design LLC lifted its holdings in shares of Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares during the last quarter. DT Investment Partners LLC boosted its stake in shares of Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC grew its holdings in shares of Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Stock Performance

The firm has a market capitalization of $99.11 billion, a price-to-earnings ratio of 130.81 and a beta of 1.16. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock’s 50-day moving average is $103.14 and its 200-day moving average is $108.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.95) earnings per share. On average, analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Monday, December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.

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.