Micron Technology (NASDAQ:MU) Stock Price Down 1.8% After Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU) shares dropped 1.8% 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 changed hands during trading, a decline of 65% from the average daily volume of 21,952,170 shares. The stock had previously closed at $90.12.

A number of other analysts also recently commented on the company. Citigroup dropped their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Morgan Stanley cut their price objective on Micron Technology from $114.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Mizuho decreased their target price on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday. Sanford C. Bernstein reduced their target price on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. Finally, Piper Sandler dropped their price target on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.24.

Insider Activity at Micron Technology

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

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently added to or reduced their stakes in the stock. Independent Solutions Wealth Management LLC increased its stake in Micron Technology by 30.7% in the third quarter. Independent Solutions Wealth Management LLC now owns 20,958 shares of the semiconductor manufacturer’s stock valued at $2,174,000 after purchasing an additional 4,921 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Micron Technology by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock valued at $130,253,000 after buying an additional 52,912 shares during the period. Dantai Capital Ltd increased its position in shares of Micron Technology by 25.0% in the 3rd quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock valued at $2,380,000 after buying an additional 4,590 shares in the last quarter. Franklin Resources Inc. raised its stake in Micron Technology by 4.6% during the 3rd quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock worth $789,054,000 after buying an additional 321,955 shares during the period. Finally, Peapack Gladstone Financial Corp lifted its holdings in Micron Technology by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock worth $1,359,000 after acquiring an additional 411 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Down 1.3 %

The stock 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 debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The business has a 50 day simple moving average of $103.14 and a 200-day simple moving average of $108.54.

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

Micron Technology Dividend Announcement

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