Micron Technology (NASDAQ:MU) Stock Price Down 4.9% – Time to Sell?

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded down 4.9% during mid-day trading on Monday . The company traded as low as $92.88 and last traded at $94.45. 10,641,529 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 28,001,510 shares. The stock had previously closed at $99.34.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MU. Piper Sandler dropped their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Robert W. Baird cut their price target on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Morgan Stanley lowered their price objective on Micron Technology from $114.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. Citigroup decreased their target price 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. Finally, Mizuho dropped their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.24.

Micron Technology Stock Performance

The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $98.68 and a two-hundred day moving average price of $103.15. The stock has a market cap of $105.38 billion, a P/E ratio of 139.10 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last posted its 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 period last year, the company posted ($0.95) earnings per share. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. On average, sell-side analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be given a $0.115 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.49%. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of MU. Claro Advisors LLC boosted its position in shares of Micron Technology by 9.5% in the 4th quarter. Claro Advisors LLC now owns 3,762 shares of the semiconductor manufacturer’s stock worth $317,000 after purchasing an additional 326 shares in the last quarter. Cooper Financial Group grew its stake in shares of Micron Technology by 8.8% during the fourth quarter. Cooper Financial Group now owns 12,553 shares of the semiconductor manufacturer’s stock worth $1,056,000 after acquiring an additional 1,020 shares during the last quarter. Wedmont Private Capital grew its stake in shares of Micron Technology by 3.7% during the fourth quarter. Wedmont Private Capital now owns 13,369 shares of the semiconductor manufacturer’s stock worth $1,125,000 after acquiring an additional 482 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Micron Technology during the fourth quarter valued at about $165,000. Finally, CHICAGO TRUST Co NA raised its position in shares of Micron Technology by 59.5% in the 4th quarter. CHICAGO TRUST Co NA now owns 7,201 shares of the semiconductor manufacturer’s stock valued at $606,000 after purchasing an additional 2,687 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.