Micron Technology, Inc. (NASDAQ:MU) to Issue Quarterly Dividend of $0.12

Micron Technology, Inc. (NASDAQ:MU) announced a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Investors of record on Monday, December 30th will be given a dividend of 0.115 per share by the semiconductor manufacturer on Wednesday, January 15th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Monday, December 30th.

Micron Technology has a dividend payout ratio of 5.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Micron Technology to earn $12.58 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 3.7%.

Micron Technology Trading Down 16.2 %

Shares of NASDAQ:MU opened at $87.09 on Friday. The company has a market capitalization of $97.02 billion, a PE ratio of 128.08 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 business has a 50 day moving average of $103.48 and a two-hundred day moving average of $108.93. Micron Technology has a 12-month low of $78.63 and a 12-month high of $157.54.

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

Insider Buying and Selling at Micron Technology

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on MU. TD Cowen dropped their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday. Susquehanna reduced their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. Cantor Fitzgerald lowered their price target on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday. Piper Sandler dropped their price target 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. Finally, Citigroup cut their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $133.56.

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.