JPMorgan Chase & Co. Raises Micron Technology (NASDAQ:MU) Price Target to $180.00

Micron Technology (NASDAQ:MU) had its price objective boosted by JPMorgan Chase & Co. from $130.00 to $180.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Other analysts have also issued research reports about the stock. TD Cowen lifted their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a buy rating in a research note on Thursday. Morgan Stanley lifted their price target on shares of Micron Technology from $130.00 to $140.00 and gave the stock an equal weight rating in a research note on Monday, June 24th. Bank of America lifted their price target on shares of Micron Technology from $144.00 to $170.00 and gave the stock a buy rating in a research note on Monday, June 17th. Mizuho lifted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the stock a buy rating in a research note on Friday, May 31st. Finally, Piper Sandler boosted their target price on shares of Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of Moderate Buy and a consensus target price of $158.52.

Micron Technology Trading Down 0.5 %

NASDAQ MU opened at $131.53 on Thursday. The company’s fifty day simple moving average is $128.07 and its 200-day simple moving average is $106.28. Micron Technology has a 52 week low of $60.50 and a 52 week high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.29. The stock has a market cap of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.57) earnings per share. Equities research analysts predict that Micron Technology will post 0.36 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s payout ratio is currently -32.39%.

Insider Buying and Selling

In related news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the completion of the sale, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at $94,712,410. The disclosure for this sale can be found here. Insiders sold 304,840 shares of company stock valued at $37,961,924 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Mutual Advisors LLC raised its holdings in Micron Technology by 112.9% during the 3rd quarter. Mutual Advisors LLC now owns 10,288 shares of the semiconductor manufacturer’s stock worth $700,000 after buying an additional 5,456 shares during the period. Vinva Investment Management Ltd acquired a new stake in Micron Technology during the 3rd quarter worth about $450,000. Gotham Asset Management LLC raised its holdings in Micron Technology by 1.1% during the 3rd quarter. Gotham Asset Management LLC now owns 26,873 shares of the semiconductor manufacturer’s stock worth $1,828,000 after buying an additional 281 shares during the period. First Dallas Securities Inc. raised its holdings in Micron Technology by 295.9% during the 3rd quarter. First Dallas Securities Inc. now owns 91,252 shares of the semiconductor manufacturer’s stock worth $6,208,000 after buying an additional 68,202 shares during the period. Finally, United Services Automobile Association raised its holdings in Micron Technology by 14.8% during the 3rd quarter. United Services Automobile Association now owns 28,723 shares of the semiconductor manufacturer’s stock worth $1,954,000 after buying an additional 3,705 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.