Micron Technology, Inc. (NASDAQ:MU – Get Free Report) shares fell 2.8% on Thursday. The company’s stock price fell to a low of $148.04 and closed at $149.09 in the final trading session. Approximately 14,312,017 shares were traded during midday trading, down 26% from the average daily trading volume of 19,211,539 shares. The stock had previously closed at $153.45.
Analyst upgrades and downgrades
Several stock analysts have recently issued reports on MU shares. Susquehanna increased their price target on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. JPMorgan Chase & Co. increased their price target on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Mizuho increased their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Barclays increased their price target on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Finally, Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21. Two investment analysts have rated the stock with a hold rating and 25 have issued a buy rating. According to MarketBeat data, Micron Technology has an average rating of “moderate buy” and an average target price of $147.32.
Read the latest analysis for Micron Technology
Micron Technology’s Price Performance
The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The company has a market capitalization of $154.52 billion, a P/E ratio of -40.45 and a beta of 1.21. The company’s 50-day moving average is $125.90 and its 200-day moving average is $103.91.
Micron Technology (NASDAQ:MU – Get free report ) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported quarterly earnings per share (EPS) of $0.42, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a net margin of -20.57% and a return on equity of -8.98%. The company had quarterly revenue of $5.82 billion, compared to the consensus estimate of $5.35 billion. Year-over-year EPS was ($2.03). The company’s quarterly revenue grew 57.7% year-over-year. Analysts expect Micron Technology, Inc. to post EPS of $0.39 for the current fiscal year.
Insider Trading at Micron Technology
In other news, Executive VP Sumit Sadhana sold 13,239 shares of Micron Technology stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction value of $1,572,396.03. With this transaction, the Executive VP now directly owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $120.00, for a total transaction value of $5,400,000.00.Following the completion of the sale, the CEO now owns 743,557 shares of the company’s stock, valued at $89,226,840. The transaction was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed on the SEC’s website. Additionally, Executive Vice President Sumit Sadhana sold 13,239 shares of Micron Technology stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the sale, the Executive Vice President now directly owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The disclosure for this sale can be found here. During the most recent quarter, insiders sold 320,446 shares of the company’s stock for a total value of $38,724,533. Company insiders own 0.32% of the company’s shares.
Institutional Investors Invest in Micron Technology
Several institutional investors and hedge funds recently modified their holdings of the company’s stock. Rathbones Group Inc. purchased a new stake of $334,000 in Micron Technology Inc. during the third quarter. V Square Quantitative Management Inc. purchased a new stake of $198,000 in Micron Technology Inc. during the third quarter. Mariner Inc. increased its stake in Micron Technology Inc. by 8.8% during the third quarter. Mariner Inc. now owns 177,720 shares of the semiconductor company’s stock, valued at $12,091,000, after purchasing an additional 14,405 shares during the last quarter. Carey Street Partners Investment Advisory Inc. increased its stake in Micron Technology Inc. by 52.7% during the third quarter. Carey Street Partners Investment Advisory Inc. now owns 2,951 shares of the semiconductor company’s stock, valued at $201,000. This comes after the purchase of an additional 1,018 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co., Ltd. increased its holdings in Micron Technology by 10.9% during the third quarter. The firm now owns 16,196 shares of the semiconductor maker’s stock, valued at $1.102 million, after purchasing an additional 1,598 shares in the last quarter. Institutional investors own 80.84% of the company’s shares.
About Micron Technology
(Get your free report)
Micron Technology, Inc. designs, develops, manufactures and sells memory and storage products worldwide. The company operates through four segments: Computing and Networking, Mobile, Embedded and Storage. The company offers memory and storage technologies under the Micron and Crucial brands, as well as private labels, including dynamic random access memory semiconductor devices that provide low latency and fast data retrieval, nonvolatile rewriteable semiconductor storage devices and nonvolatile rewriteable semiconductor memory devices that provide fast read speeds.
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