Micron Technology (NASDAQ:MU) Price Target Raised to $160.00

Micron Technology (NASDAQ:MU) had its target price boosted by KeyCorp from $135.00 to $160.00 in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other research analysts have also commented on the company. Needham & Company LLC raised their price objective on Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday. Rosenblatt Securities increased their target price on Micron Technology from $172.00 to $200.00 and gave the company a “buy” rating in a research note on Monday. Wall Street Zen raised Micron Technology from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. China Renaissance cut Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Wednesday, March 26th. Finally, TD Cowen increased their price objective on shares of Micron Technology from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $144.67.

Micron Technology Trading Down 1.0%

Shares of MU stock opened at $126.00 on Thursday. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. Micron Technology has a fifty-two week low of $61.54 and a fifty-two week high of $137.39. The firm’s 50 day moving average price is $97.59 and its two-hundred day moving average price is $94.05. The stock has a market cap of $140.81 billion, a price-to-earnings ratio of 22.70 and a beta of 1.28.

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

Micron Technology Dividend Announcement

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

Insider Activity

In related news, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president now directly 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 SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now directly owns 24,954 shares of the company’s stock, valued at approximately $1,996,320. This represents a 8.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,404 shares of company stock worth $8,509,167. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Micron Technology in the 4th quarter valued at about $1,470,875,000. Capital World Investors lifted 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 worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. FMR LLC boosted its stake 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 acquiring an additional 12,249,341 shares during the period. Capital Research Global Investors boosted its stake 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 acquiring an additional 9,489,579 shares during the period. Finally, Capital International Investors grew its holdings in shares of Micron Technology by 36.3% during 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 purchasing an additional 4,375,232 shares during the last quarter. 80.84% of the stock is 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.