Mizuho Cuts Micron Technology (NASDAQ:MU) Price Target to $115.00

Micron Technology (NASDAQ:MU) had its price target cut by Mizuho from $135.00 to $115.00 in a research report released on Thursday,Benzinga reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

Several other brokerages have also commented on MU. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price objective for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Susquehanna decreased their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. KeyCorp cut their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. China Renaissance started coverage on shares of Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price on the stock. Finally, Wedbush restated an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Trading Up 3.5 %

Shares of MU opened at $90.12 on Thursday. Micron Technology has a 1-year low of $79.15 and a 1-year high of $157.54. The company has a market capitalization of $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The firm’s 50 day simple moving average is $103.14 and its 200 day simple moving average is $108.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter last year, the company posted ($0.95) EPS. The business’s quarterly revenue was up 84.3% on a year-over-year basis. Sell-side analysts forecast that Micron Technology will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be issued a $0.115 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is 13.26%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Independent Solutions Wealth Management LLC raised its stake in Micron Technology by 30.7% during the third quarter. Independent Solutions Wealth Management LLC now owns 20,958 shares of the semiconductor manufacturer’s stock valued at $2,174,000 after buying an additional 4,921 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Micron Technology by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock worth $130,253,000 after purchasing an additional 52,912 shares in the last quarter. Dantai Capital Ltd grew its position in Micron Technology by 25.0% during the 3rd quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock valued at $2,380,000 after purchasing an additional 4,590 shares during the last quarter. Franklin Resources Inc. increased its stake in Micron Technology by 4.6% during the 3rd quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock valued at $789,054,000 after purchasing an additional 321,955 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in Micron Technology by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock worth $1,359,000 after buying an additional 411 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.