Micron Technology, Inc. (NASDAQ:MU) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Micron Technology, Inc. (NASDAQ:MU) have received an average recommendation of “Moderate Buy” from the twenty-seven analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $134.56.

MU has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday. Wedbush reissued an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. Piper Sandler dropped their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Needham & Company LLC dropped their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, UBS Group dropped their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Micron Technology in the fourth quarter valued at approximately $1,470,875,000. Capital World Investors raised its holdings in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after buying an additional 15,993,036 shares during the period. FMR LLC raised its holdings in Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after buying an additional 12,249,341 shares during the period. Capital Research Global Investors raised its holdings in Micron Technology by 139.7% in the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the period. Finally, Capital International Investors raised its holdings in Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after buying an additional 4,375,232 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Up 6.2 %

Shares of NASDAQ:MU opened at $100.79 on Monday. The firm has a 50 day simple moving average of $96.72 and a 200-day simple moving average of $98.07. The company has a market capitalization of $112.30 billion, a PE ratio of 29.05 and a beta of 1.23. Micron Technology has a twelve month low of $83.54 and a twelve month high of $157.54. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.95) EPS. On average, equities analysts predict that Micron Technology will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

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.