Micron Technology (NASDAQ:MU) Price Target Raised to $114.00

Micron Technology (NASDAQ:MU) had its price objective hoisted by Morgan Stanley from $100.00 to $114.00 in a research note published on Thursday, Benzinga reports. The firm currently has an equal weight rating on the semiconductor manufacturer’s stock.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald upped their price objective on Micron Technology from $150.00 to $180.00 and gave the stock an overweight rating in a research report on Monday, June 17th. Robert W. Baird upped their price objective on Micron Technology from $150.00 to $172.00 and gave the stock an outperform rating in a research report on Monday, June 24th. Citigroup reduced their price objective on Micron Technology from $175.00 to $150.00 and set a buy rating for the company in a research report on Tuesday, September 17th. Raymond James reduced their price objective on Micron Technology from $160.00 to $125.00 and set an outperform rating for the company in a research report on Thursday, September 12th. Finally, UBS Group reduced their price objective on Micron Technology from $153.00 to $135.00 and set a buy rating for the company in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $144.38.

Micron Technology Stock Down 2.2 %

NASDAQ:MU opened at $107.50 on Thursday. Micron Technology has a 1 year low of $63.83 and a 1 year high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock has a market cap of $119.20 billion, a price-to-earnings ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17. The stock has a 50-day moving average price of $97.63 and a two-hundred day moving average price of $114.96.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the previous year, the firm earned ($1.21) earnings per share. The company’s revenue was up 93.3% on a year-over-year basis. As a group, equities analysts expect that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.43%. Micron Technology’s dividend payout ratio is -32.39%.

Hedge Funds Weigh In On Micron Technology

Large investors have recently made changes to their positions in the company. Clearbridge Investments LLC increased its stake in shares of Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after purchasing an additional 20,741 shares during the period. Chapin Davis Inc. bought a new position in shares of Micron Technology during the second quarter worth approximately $4,056,000. Norden Group LLC increased its stake in shares of Micron Technology by 1,916.7% during the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Micron Technology by 6.3% during the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares during the period. Finally, Westwood Holdings Group Inc. bought a new position in shares of Micron Technology during the first quarter worth approximately $8,558,000. 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.