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Micron Stock: Chipmaker Declares 10-Cent-a-Share Quarterly Dividend

First dividend for computer hardware maker payable to shareholders on Oct. 18.

Micron Technology  (MU) - Get Free Report on Monday initiated a quarterly dividend of 10 cents per share of its common stock.

The Boise, Idaho, computer memory and data storage company said that the initial quarterly dividend would be paid in cash on Oct. 18 to shareholders of record as of close of business on Oct. 1, according to a company statement.

"Micron's remarkable transformation over the last several years has put the company in an outstanding position with technology leadership, a robust product portfolio, enhanced profitability, and a strong, investment grade balance sheet," Micron president and CEO Sanjay Mehrotra said in the statement. "This transformation creates the opportunity today to enhance the value of our capital returns program.

"Initiating a common stock dividend reflects our confidence in Micron's future and our commitment to creating compelling value for shareholders," Mehrotra said.

Micron said in its most recent quarterly report that it has repurchased $4 billion in stock and retired 90 million shares at an average price of $42 per share in a program that began in May 2018.

The company manufactures high-performance DRAM, NAND and NOR memory and storage products through its Micron and Crucial brands, fueling the data economy that enables advances in artificial intelligence and 5G applications, the statement said. 

In its most recent quarter ending in May, the company's revenues rose 36% to $7.24 billion or $1.88 per share, ahead the Street consensus forecast of $1.72 per share.

Micron shares on Monday were up 1.4% to $78.75 in after hours trading.