Micron Technology (NASDAQ:MU) Trading Down 0.9% After Analyst Downgrade

Shares of Micron Technology, Inc. (NASDAQ:MU) fell 0.9% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $190.00 to $175.00. Wells Fargo & Company currently has an overweight rating on the stock. Micron Technology traded as low as $87.68 and last traded at $87.96. 3,256,663 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 21,257,572 shares. The stock had previously closed at $88.73.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group boosted their price target on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. KeyCorp lowered their target price on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. JPMorgan Chase & Co. upped their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Mizuho lifted their price objective on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Piper Sandler upped their target price on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $148.54.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently modified their holdings of MU. Clearbridge Investments LLC lifted its stake in Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after acquiring an additional 20,741 shares in the last quarter. Chapin Davis Inc. purchased a new stake in shares of Micron Technology in the second quarter worth approximately $4,056,000. Norden Group LLC lifted its position in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares in the last quarter. TCW Group Inc. boosted its holdings in shares of Micron Technology by 5.7% during the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares during the period. Finally, Gulf International Bank UK Ltd grew its position in Micron Technology by 6.3% during the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after purchasing an additional 5,958 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Down 1.6 %

The company’s 50 day simple moving average is $101.48 and its two-hundred day simple moving average is $114.77. The stock has a market cap of $96.86 billion, a price-to-earnings ratio of -61.51 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.57) EPS. Research analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is -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.