Piper Sandler Cuts Micron Technology (NASDAQ:MU) Price Target to $120.00

Micron Technology (NASDAQ:MU) had its price target lowered by Piper Sandler from $150.00 to $120.00 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other analysts also recently issued reports on the stock. UBS Group cut their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday. Citigroup cut their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $110.00 in a research note on Thursday. Robert W. Baird cut their price objective on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Morgan Stanley upped their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Price Performance

MU stock 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 firm has a market capitalization of $100.40 billion, a PE 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 business has a 50 day simple moving average of $103.14 and a 200-day simple moving average of $108.54.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same period last year, the company earned ($0.95) EPS. Equities research analysts anticipate 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. Stockholders of record on Monday, December 30th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’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 sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently bought and sold shares of MU. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the 3rd quarter valued at about $26,000. Davis Capital Management purchased a new stake in Micron Technology in the third quarter valued at approximately $30,000. True Wealth Design LLC boosted its holdings in shares of Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares during the period. DT Investment Partners LLC grew its position in shares of Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 235 shares during the last quarter. Finally, Stone House Investment Management LLC increased its holdings in shares of Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 277 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.