Micron Technology (NASDAQ:MU) Trading Down 0.6% After Analyst Downgrade

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 0.6% during trading on Tuesday after KeyCorp lowered their price target on the stock from $145.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Micron Technology traded as low as $101.47 and last traded at $102.26. Approximately 4,554,313 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 22,267,943 shares. The stock had previously closed at $102.91.

Other analysts also recently issued reports about the stock. Piper Sandler increased their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. TD Cowen increased their price target on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company lowered their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Raymond James increased their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Finally, Bank of America increased their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $142.85.

Insider Buying and Selling

In related 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 transaction of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently made changes to their positions in the stock. Castle Rock Wealth Management LLC acquired a new stake in shares of Micron Technology during the third quarter valued at about $991,000. Guild Investment Management Inc. increased its position in shares of Micron Technology by 739.7% during the third quarter. Guild Investment Management Inc. now owns 40,715 shares of the semiconductor manufacturer’s stock valued at $4,223,000 after acquiring an additional 35,866 shares during the last quarter. Jessup Wealth Management Inc increased its position in shares of Micron Technology by 8.1% during the third quarter. Jessup Wealth Management Inc now owns 60,895 shares of the semiconductor manufacturer’s stock valued at $6,315,000 after acquiring an additional 4,586 shares during the last quarter. Independence Bank of Kentucky increased its position in shares of Micron Technology by 291.1% during the third quarter. Independence Bank of Kentucky now owns 8,451 shares of the semiconductor manufacturer’s stock valued at $876,000 after acquiring an additional 6,290 shares during the last quarter. Finally, Clarius Group LLC increased its position in shares of Micron Technology by 12.2% during the third quarter. Clarius Group LLC now owns 9,055 shares of the semiconductor manufacturer’s stock valued at $939,000 after acquiring an additional 987 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Down 0.8 %

The business’s 50-day simple moving average is $96.56 and its two-hundred day simple moving average is $115.13. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $112.77 billion, a price-to-earnings ratio of -70.83, a PEG ratio of 0.20 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the firm posted ($1.21) earnings per share. The business’s revenue for the quarter was up 93.3% compared to the same quarter last year. Equities analysts forecast that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. Micron Technology’s dividend payout ratio is currently -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.