Micron Technology (NASDAQ:MU) Shares Down 13.3% – Time to Sell?

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 13.3% during mid-day trading on Friday . The stock traded as low as $864.01 and last traded at $864.01. Approximately 75,015,331 shares changed hands during trading, an increase of 71% from the average daily volume of 43,900,270 shares. The stock had previously closed at $996.00.

Micron Technology News Summary

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: Micron was certified as an HBM4 supplier for Nvidia’s Vera Rubin AI platform, reinforcing its role in a major AI memory supply chain. Micron’s HBM4 Certification With Nvidia Puts AI Memory Margins In Focus
• Positive Sentiment: Several analysts remain bullish, with recent price-target hikes from firms including Morgan Stanley, Susquehanna, Raymond James, UBS, and others. Morgan Stanley raises Micron stock price target
• Neutral Sentiment: Commentary pieces continue to highlight Micron’s huge AI-driven run and its strong earnings momentum, but also note that expectations are now very high ahead of its June 24 earnings report. Micron Stock Price Forecast — What Top Analysts Expect Ahead of June 24 Earnings
• Negative Sentiment: Semiconductor stocks are getting hit as investors reassess the pace of AI spending, with Broadcom’s disappointing outlook triggering sector-wide selling that is dragging Micron lower. Micron, Marvell, and Broadcom lead chipmakers’ premarket losses
• Negative Sentiment: Bearish coverage is also warning that Micron’s rally may have gone too far, with some analysts saying memory-chip prices could be approaching a ceiling and that the stock is priced for perfection after its massive run. Micron Stock Drops, Brace for the Memory-Price Peak

Analyst Upgrades and Downgrades

MU has been the topic of several research reports. Mizuho boosted their price objective on shares of Micron Technology to $800.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Bank of America boosted their price target on Micron Technology from $400.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, March 19th. Raymond James Financial raised their price target on shares of Micron Technology from $530.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Monday. KeyCorp lifted their price objective on shares of Micron Technology from $450.00 to $600.00 and gave the company an “overweight” rating in a report on Thursday, March 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Micron Technology from $350.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, March 19th. Five research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $641.97.

Micron Technology Trading Down 13.3%

The company has a market cap of $974.37 billion, a P/E ratio of 40.79 and a beta of 2.16. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $607.64 and a 200-day moving average price of $434.99.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 earnings per share for the quarter, beating the consensus estimate of $9.19 by $3.01. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The business had revenue of $23.86 billion during the quarter, compared to analysts’ expectations of $19.97 billion. During the same period last year, the business earned $1.56 earnings per share. The firm’s revenue was up 196 on a year-over-year basis. Analysts forecast that Micron Technology, Inc. will post 58.62 earnings per share for the current fiscal year.

Micron Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, March 30th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, March 30th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. This is a boost from Micron Technology’s previous quarterly dividend of $0.12. Micron Technology’s dividend payout ratio (DPR) is presently 2.83%.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 37,439 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $960.38, for a total value of $35,955,666.82. Following the completion of the sale, the chief executive officer directly owned 387,064 shares in the company, valued at approximately $371,728,524.32. This trade represents a 8.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $347.39, for a total value of $13,895,600.00. Following the transaction, the executive vice president directly owned 125,737 shares in the company, valued at approximately $43,679,776.43. This trade represents a 24.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 146,000 shares of company stock valued at $85,486,715. Company insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Large investors have recently added to or reduced their stakes in the business. Wealthquest Corp acquired a new stake in Micron Technology during the 1st quarter valued at $305,000. Parallel Advisors LLC grew its holdings in Micron Technology by 26.7% in the 1st quarter. Parallel Advisors LLC now owns 18,868 shares of the semiconductor manufacturer’s stock valued at $6,374,000 after buying an additional 3,979 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Micron Technology by 62.8% in the 1st quarter. NewEdge Advisors LLC now owns 187,706 shares of the semiconductor manufacturer’s stock valued at $63,415,000 after buying an additional 72,393 shares in the last quarter. Integrated Investment Consultants LLC bought a new position in Micron Technology during the 1st quarter worth $237,000. Finally, Cozad Asset Management Inc. increased its position in Micron Technology by 1,285.7% during the 1st quarter. Cozad Asset Management Inc. now owns 41,600 shares of the semiconductor manufacturer’s stock worth $14,054,000 after buying an additional 38,598 shares during the period. Institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.