Micron Technology (NASDAQ:MU) Price Target Lowered to $105.00 at BMO Capital Markets

Micron Technology (NASDAQ:MU) had its price target decreased by BMO Capital Markets from $110.00 to $105.00 in a research report released on Friday, The Fly reports. BMO Capital Markets currently has an outperform rating on the semiconductor manufacturer’s stock.

Several other equities analysts also recently issued reports on MU. Susquehanna reissued a buy rating and set a $135.00 price target (down from $150.00) on shares of Micron Technology in a report on Thursday. Mizuho dropped their target price on shares of Micron Technology from $107.00 to $97.00 and set a buy rating for the company in a research note on Friday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Micron Technology from $110.00 to $95.00 and set a buy rating for the company in a research note on Monday, August 30th. Morgan Stanley downgraded shares of Micron Technology from an overweight rating to an equal weight rating and set a $75.00 target price for the company. in a research note on Wednesday, August 11th. Finally, Wedbush reaffirmed a neutral rating on shares of Micron Technology in a research note on Monday, June 28th. Six investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Micron Technology currently has a consensus rating of Buy and an average price target of $111.20.

NASDAQ:MU opened at $74.05 on Friday. The company has a 50-day moving average of $74.49 and a 200-day moving average of $81.00. The company has a market capitalization of $83.36 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 0.49 and a beta of 1.27. Micron Technology has a 52 week low of $46.50 and a 52 week high of $96.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.40.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, June 29th. The semiconductor manufacturer reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.17. Micron Technology had a net margin of 16.20% and a return on equity of 12.60%. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $7.26 billion. During the same period last year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was up 36.5% compared to the same quarter last year. Sell-side analysts forecast that Micron Technology will post 5.65 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 18th. Stockholders of record on Friday, October 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, September 30th.

In other Micron Technology news, SVP Joel L. Poppen sold 4,984 shares of the company’s stock in a transaction on Monday, July 12th. The shares were sold at an average price of $78.76, for a total transaction of $392,539.84. Following the sale, the senior vice president now directly owns 257,197 shares of the company’s stock, valued at $20,256,835.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Zinsner sold 8,050 shares of the company’s stock in a transaction on Monday, August 16th. The stock was sold at an average price of $70.59, for a total transaction of $568,249.50. The disclosure for this sale can be found here. In the last three months, insiders sold 135,332 shares of company stock worth $10,717,669. 0.30% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in MU. Amundi acquired a new position in shares of Micron Technology in the second quarter valued at $678,800,000. Macquarie Group Ltd. increased its holdings in shares of Micron Technology by 214.0% in the second quarter. Macquarie Group Ltd. now owns 11,689,965 shares of the semiconductor manufacturer’s stock valued at $993,414,000 after purchasing an additional 7,966,929 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Micron Technology by 564.4% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,203,780 shares of the semiconductor manufacturer’s stock valued at $357,237,000 after acquiring an additional 3,571,088 shares in the last quarter. Sanders Capital LLC grew its stake in shares of Micron Technology by 9.8% in the second quarter. Sanders Capital LLC now owns 36,899,299 shares of the semiconductor manufacturer’s stock valued at $3,402,560,000 after acquiring an additional 3,283,630 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Micron Technology in the second quarter valued at about $171,935,000. Hedge funds and other institutional investors own 78.34% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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