Micron Technology (NASDAQ:MU) Price Target Raised to $150.00

Micron Technology (NASDAQ:MU) had its price target boosted by Citigroup from $130.00 to $150.00 in a research report sent to investors on Thursday, MarketBeat Ratings reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also commented on MU. Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and upped their target price for the company from $130.00 to $150.00 in a research report on Friday, June 20th. Mizuho upped their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, June 5th. Morgan Stanley cut their price objective on shares of Micron Technology from $112.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Wedbush boosted their target price on shares of Micron Technology from $150.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, June 20th. Finally, China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a research report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.67.

Micron Technology Trading Down 1.0%

NASDAQ MU opened at $126.00 on Thursday. Micron Technology has a 12-month low of $61.54 and a 12-month high of $137.39. The company has a fifty day simple moving average of $97.59 and a two-hundred day simple moving average of $94.05. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. The stock has a market cap of $140.81 billion, a P/E ratio of 22.70 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analysts’ expectations of $8.83 billion. Micron Technology had a return on equity of 13.88% and a net margin of 18.41%. During the same quarter in the previous year, the firm posted $0.62 EPS. On average, analysts forecast that Micron Technology will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology’s payout ratio is 11.03%.

Insider Activity

In other news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the sale, the executive vice president now owns 186,353 shares in the company, valued at $20,498,830. This trade represents a 9.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the sale, the director now directly owns 24,954 shares of the company’s stock, valued at $1,996,320. This represents a 8.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,404 shares of company stock worth $8,509,167 in the last quarter. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology during the first quarter worth approximately $33,000. Curio Wealth LLC acquired a new position in Micron Technology in the 4th quarter valued at $34,000. AllSquare Wealth Management LLC lifted its holdings in Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 200 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new stake in Micron Technology during the 1st quarter worth $36,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.