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

Micron Technology, Inc. (NASDAQ:MU – Get Rating) reached a new 52-week low during mid-day 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.

A number of research analysts recently issued reports on MU shares. Mizuho raised their target price on shares of Micron Technology from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, March 30th. UBS Group dropped their price objective on Micron Technology from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday. StockNews.com cut Micron Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Piper Sandler lowered Micron Technology from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $90.00 to $70.00 in a report on Friday, June 3rd. Finally, Summit Insights downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Sunday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Buy” and a consensus target price of $113.04.

The company has a quick ratio of 2.33, a current ratio of 3.11 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $69.71 and a 200-day simple moving average of $80.05. The company has a market capitalization of $61.68 billion, a P/E ratio of 7.44, a PEG ratio of 0.21 and a beta of 1.17.

Micron Technology (NASDAQ:MU – Get Rating) last announced its quarterly earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.20. The firm had revenue of $7.79 billion during the quarter, compared to the consensus estimate of $7.53 billion. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. Analysts predict that Micron Technology, Inc. will post 9.15 earnings per share for the current fiscal year.

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

In other Micron Technology news, SVP April S. Arnzen sold 5,600 shares of the business’s stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $76.00, for a total value of $425,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.32% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in MU. SOA Wealth Advisors LLC. increased its stake in shares of Micron Technology by 144.9% in the 1st quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 200 shares during the period. Concorde Financial Corp acquired a new stake in Micron Technology in the fourth quarter worth about $27,000. Selective Wealth Management Inc. bought a new stake in Micron Technology during the 4th quarter worth about $28,000. Core Alternative Capital lifted its position in Micron Technology by 912.5% during the 1st quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 365 shares during the period. Finally, Sterling Investment Advisors Ltd. boosted its stake in shares of Micron Technology by 600.0% in the 4th quarter. Sterling Investment Advisors Ltd. now owns 350 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 300 shares during the last quarter. 80.35% of the stock is owned by institutional investors.

About Micron Technology (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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