Stifel Nicolaus Cuts Micron Technology (NASDAQ:MU) Price Target to $130.00

Micron Technology (NASDAQ:MU) had its price target cut by Stifel Nicolaus from $135.00 to $130.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other research reports. The Goldman Sachs Group lowered their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday. Mizuho reduced their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday. Sanford C. Bernstein dropped their target price on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $125.00 to $110.00 in a report on Thursday. Finally, Needham & Company LLC lowered their price target on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $135.24.

Micron Technology Trading Up 3.5 %

Shares of NASDAQ 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 firm has a 50-day moving average of $103.14 and a 200 day moving average of $108.54. The stock has a market cap 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.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter last year, the company earned ($0.95) EPS. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. As a group, sell-side analysts expect that Micron Technology will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Buying and Selling at Micron Technology

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

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently made changes to their positions in the business. Highline Wealth Partners LLC bought a new position in Micron Technology during the third quarter worth $26,000. LRI Investments LLC raised its position in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 99 shares during the last quarter. Davis Capital Management bought a new stake in shares of Micron Technology in the third quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Micron Technology during the second quarter worth about $39,000. Finally, New Millennium Group LLC bought a new position in Micron Technology during the second quarter valued at about $39,000. 80.84% of the stock is currently owned by institutional investors.

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.