Micron Technology (NASDAQ:MU) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Micron Technology (NASDAQ:MU) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $225.00 price objective on the semiconductor manufacturer’s stock.

Several other equities analysts have also weighed in on the stock. Piper Sandler boosted their target price on shares of Micron Technology from $95.00 to $130.00 and gave the company an overweight rating in a report on Thursday, March 21st. Needham & Company LLC increased their price objective on Micron Technology from $100.00 to $120.00 and gave the stock a buy rating in a research report on Thursday, March 21st. StockNews.com raised Micron Technology from a sell rating to a hold rating in a research note on Friday, March 22nd. KeyCorp upped their price target on Micron Technology from $135.00 to $150.00 and gave the company an overweight rating in a research note on Monday, April 8th. Finally, Robert W. Baird raised their price objective on Micron Technology from $150.00 to $172.00 and gave the stock an outperform rating in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $158.52.

Micron Technology Price Performance

NASDAQ:MU opened at $131.53 on Tuesday. Micron Technology has a one year low of $60.50 and a one year high of $157.54. The stock has a market cap of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The stock has a 50 day moving average price of $128.07 and a 200 day moving average price of $106.08.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative return on equity of 4.03% and a negative net margin of 7.20%. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period last year, the company earned ($1.57) EPS. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. Equities research analysts expect that Micron Technology will post 0.35 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the sale, the chief executive officer now directly owns 743,557 shares in the company, valued at approximately $90,780,874.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total value of $854,630.00. Following the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the sale, the executive vice president now directly owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The disclosure for this sale can be found here. Insiders have sold a total of 304,840 shares of company stock valued at $37,961,924 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MU. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter worth approximately $769,372,000. Wellington Management Group LLP raised its stake in Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after acquiring an additional 5,257,201 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the last quarter. Morgan Stanley boosted its stake in Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after acquiring an additional 2,852,688 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Micron Technology by 125.0% during the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 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.