Micron Technology (NASDAQ:MU) Reaches New 12-Month Low at $55.43

Micron Technology, Inc. (NASDAQ:MUGet Rating)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $55.43 and last traded at $55.51, with a volume of 458940 shares. The stock had previously closed at $59.12.

MU has been the subject of several analyst reports. Summit Insights cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Sunday, June 12th. Piper Sandler cut shares of Micron Technology from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $90.00 to $70.00 in a report on Friday, June 3rd. Rosenblatt Securities restated a “buy” rating and set a $165.00 price objective on shares of Micron Technology in a report on Wednesday, March 30th. Morgan Stanley boosted their price objective on shares of Micron Technology from $77.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, March 30th. Finally, Citigroup decreased their price objective on shares of Micron Technology from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, June 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Buy” and an average price target of $113.04.

The stock has a market capitalization of $62.25 billion, a price-to-earnings ratio of 7.01, a P/E/G ratio of 0.20 and a beta of 1.17. The company’s fifty day simple moving average is $69.02 and its 200 day simple moving average is $79.64. The company has a quick ratio of 2.33, a current ratio of 3.11 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings data on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $1.85 by $0.20. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The firm had revenue of $7.79 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the previous year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up 25.6% on a year-over-year basis. As a group, analysts anticipate that Micron Technology, Inc. will post 9.15 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 26th. Investors of record on Monday, April 11th were paid a $0.10 dividend. The ex-dividend date was Friday, April 8th. This represents a $0.40 annualized dividend and a dividend yield of 0.72%. Micron Technology’s dividend payout ratio (DPR) is presently 5.03%.

In related news, SVP April S. Arnzen sold 5,600 shares of the company’s stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $76.00, for a total value of $425,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.32% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Hellman Jordan Management Co. Inc. MA grew its stake in Micron Technology by 13.6% during the first quarter. Hellman Jordan Management Co. Inc. MA now owns 7,500 shares of the semiconductor manufacturer’s stock worth $584,000 after buying an additional 899 shares in the last quarter. IMA Wealth Inc. lifted its holdings in shares of Micron Technology by 3.4% in the first quarter. IMA Wealth Inc. now owns 33,851 shares of the semiconductor manufacturer’s stock worth $2,637,000 after acquiring an additional 1,127 shares during the last quarter. J.W. Cole Advisors Inc. lifted its holdings in shares of Micron Technology by 9.4% in the first quarter. J.W. Cole Advisors Inc. now owns 4,636 shares of the semiconductor manufacturer’s stock worth $361,000 after acquiring an additional 400 shares during the last quarter. City State Bank lifted its holdings in shares of Micron Technology by 2.9% in the first quarter. City State Bank now owns 14,720 shares of the semiconductor manufacturer’s stock worth $1,147,000 after acquiring an additional 414 shares during the last quarter. Finally, Kestra Private Wealth Services LLC lifted its holdings in shares of Micron Technology by 1.0% in the first quarter. Kestra Private Wealth Services LLC now owns 28,238 shares of the semiconductor manufacturer’s stock worth $2,199,000 after acquiring an additional 284 shares during the last quarter. Hedge funds and other institutional investors own 80.35% of the company’s stock.

Micron Technology Company Profile (NASDAQ:MU)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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