Shares of Micron Technology, Inc. (NASDAQ:MU) are trading significantly lower this afternoon. The move lower is likely partially due to the report earlier today from Inotera Memories, in which they reported consolidated revenue for December which was down 45% from a year ago. Micron Technology, Inc. (NASDAQ:MU) had recently purchased a 67% stake in Inotera Memories.
At approximately 2 p.m. ET the stock hit a new 52-week low of $12.21 and has since bounced back only slightly. The stock started the day off in the green before steadily declining up until 2 p.m. Shares of Micron Technology, Inc. (NASDAQ:MU) have lost close to 60% over the last 12-months as investors become a bit weary. The stock is down 7.50% or $1 following the news, hitting $12.33 per share. About 32.76M shares traded hands or 47.43% up from the average. MU has declined 49.87% since June 5, 2015 and is downtrending. It has underperformed the S&P500 by 45.18%.
From a total of 28 analysts covering Micron Technology Inc. (NASDAQ:MU) stock, 21 rate it a “Buy”, 1 a “Sell”, and 6 a “Hold”. This means that 75% of the ratings are positive. The highest target price is $33 while the lowest target price is $13. The mean of all analyst targets is $20.98 which is 70.15% above today’s ($12.33) stock price. Micron Technology Inc. was the topic of 51 analyst reports since July 29, 2015 according to the firm StockzIntelligence Inc. Argus Research maintained shares on December 24 with a “Buy” rating. Morgan Stanley maintained shares with a”Equal-Weight” rating and a $16 target share price in their report from an October 2. Sterne Agee CRT maintained MU stock in a recent report from December 23 with a “Buy” rating. Pacific Crest maintained the rating on October 2. Pacific Crest has a “Overweight” rating and a $21 price target on shares. Finally, Cowen & Co maintained the stock with a “Outperform” rating in a report they issued on a December 23.
The institutional sentiment increased to 0.98 in Q2 2015. It’s up 0.12, from 0.86 in 2015Q2. The ratio increased, as 107 funds sold all their Micron Technology, Inc. shares they owned while 203 reduced their positions. 63 funds bought stakes while 242 increased their total positions. Institutions now own 801.58 million shares which is 13.68% less than the previous share count of 928.62 million in 2015Q2.
Alken Asset Management Ltd. holds 20.2% of its total portfolio in Micron Technology, Inc., equating to 23.66 million shares. Dalton Investments Llc owns 2.25 million shares representing 16.95% of their total US portfolio. Moreover, Credit Capital Investments Llc has 14.1% of their total portfolio invested in the company, equating to 1.40 million shares. The New York-based Karamaan Group Llc has a total of 9.66% of their portfolio invested in the stock. Donald Smith & Co. Inc., a New York-based fund reported 14.17 million shares owned.
Since April 20, 2015, the stock had 0 insider buys, and 1 insider sale for a total of $80,002 in net activity. Bailey Robert L sold 4,000 shares worth $80,002. Deboer Scott J sold 39,087 shares worth $977,437. Shirley Brian sold 89,750 shares worth $2.58M. Johnson Mercedes sold 18,250 shares worth $509,540.
Micron Technology, Inc. is a global well-known provider of semiconductor devices. The company has a market cap of $13.69 billion. Through the Company’s global operations, it makes and markets a full range of Dynamic Random Access Memory , NAND Flash and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, automotive, industrial, embedded and mobile products. It has 6.8 P/E ratio. The Firm operates in four divisions: Compute and Networking Business Unit (CNBU), which includes DRAM and NOR Flash products; Mobile Business Unit (MBU), which includes DRAM, NAND Flash and NOR Flash products; Storage Business Unit (SBU), which includes NAND Flash components and Solid-State Drives (SSDs), cloud and removable storage markets.