Micron Technology (NASDAQ:MU) Price Target Cut to $135.00

Micron Technology (NASDAQ:MU) had its price target reduced by Stifel Nicolaus from $165.00 to $135.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other analysts have also recently issued reports on the stock. Mizuho upped their target price on shares of Micron Technology from $150.00 to $155.00 and gave the company a buy rating in a research report on Friday, May 31st. Raymond James lowered their price objective on Micron Technology from $160.00 to $125.00 and set an outperform rating for the company in a research note on Thursday, September 12th. The Goldman Sachs Group lifted their target price on Micron Technology from $138.00 to $158.00 and gave the stock a buy rating in a report on Thursday, June 27th. Morgan Stanley decreased their price target on Micron Technology from $140.00 to $100.00 and set an equal weight rating on the stock in a report on Monday, September 16th. Finally, BNP Paribas lowered shares of Micron Technology from an outperform rating to an underperform rating and dropped their price objective for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $145.65.

Micron Technology Stock Performance

NASDAQ MU opened at $90.90 on Thursday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a twelve month low of $63.83 and a twelve month high of $157.54. The business has a 50-day moving average price of $99.81 and a 200-day moving average price of $114.83. The firm has a market cap of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter last year, the business posted ($1.57) earnings per share. As a group, equities research analysts predict that Micron Technology will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Large investors have recently added to or reduced their stakes in the company. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the second quarter worth $28,000. DecisionPoint Financial LLC acquired a new stake in Micron Technology during the 1st quarter worth about $25,000. Valued Wealth Advisors LLC raised its stake in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC lifted its holdings in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 144 shares during the period. Finally, LRI Investments LLC boosted its stake in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

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.