Micron Technology (NASDAQ:MU) Stock Price Down 3.6% – Time to Sell?

Micron Technology, Inc. (NASDAQ:MU) shares traded down 3.6% during trading on Thursday . The company traded as low as $103.35 and last traded at $105.32. 8,754,508 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 24,390,479 shares. The stock had previously closed at $109.23.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. China Renaissance assumed coverage on Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. KeyCorp lowered their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. The Goldman Sachs Group lowered their price target on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company lowered their price target on Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Piper Sandler reduced their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $135.24.

Micron Technology Trading Down 3.9 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock’s fifty day moving average is $98.11 and its 200 day moving average is $101.70. The stock has a market cap of $116.99 billion, a P/E ratio of 30.23 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter last year, the firm earned ($0.95) EPS. The firm’s revenue for the quarter was up 84.3% compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.25 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.44%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is currently 13.26%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the stock. Capital Investment Advisory Services LLC increased its holdings in Micron Technology by 52.5% during the fourth quarter. Capital Investment Advisory Services LLC now owns 3,177 shares of the semiconductor manufacturer’s stock valued at $267,000 after buying an additional 1,094 shares during the period. OLD National Bancorp IN increased its holdings in Micron Technology by 18.3% during the fourth quarter. OLD National Bancorp IN now owns 5,587 shares of the semiconductor manufacturer’s stock valued at $470,000 after buying an additional 866 shares during the period. First Affirmative Financial Network increased its holdings in Micron Technology by 5.5% during the fourth quarter. First Affirmative Financial Network now owns 3,827 shares of the semiconductor manufacturer’s stock valued at $322,000 after buying an additional 200 shares during the period. Synergy Asset Management LLC purchased a new position in Micron Technology during the fourth quarter valued at approximately $947,000. Finally, Forsta AP Fonden increased its holdings in Micron Technology by 4.3% during the fourth quarter. Forsta AP Fonden now owns 262,100 shares of the semiconductor manufacturer’s stock valued at $22,058,000 after buying an additional 10,700 shares during the period. 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.