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

Micron Technology (NASDAQ:MU) had its price objective hoisted by Needham & Company LLC from $120.00 to $150.00 in a report issued on Thursday, MarketBeat reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other research reports. StockNews.com upgraded shares of Micron Technology from a sell rating to a hold rating in a report on Friday, March 22nd. The Goldman Sachs Group raised their price objective on Micron Technology from $122.00 to $138.00 and gave the company a buy rating in a research report on Tuesday, June 4th. Morgan Stanley raised their price objective on Micron Technology from $130.00 to $140.00 and gave the company an equal weight rating in a research report on Monday, June 24th. TD Cowen raised their price objective on Micron Technology from $120.00 to $150.00 and gave the company an outperform rating in a research report on Thursday, March 21st. Finally, Raymond James raised their price objective on Micron Technology from $130.00 to $160.00 and gave the company an outperform rating in a research report on Friday, June 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $158.52.

Micron Technology Stock Performance

NASDAQ:MU opened at $131.53 on Thursday. The stock has a market cap of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21. The firm’s fifty day simple moving average is $128.07 and its 200 day simple moving average is $106.28. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.57) earnings per share. As a group, research analysts predict that Micron Technology will post 0.36 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insiders Place Their Bets

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the business’s 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 completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the sale, the executive vice president now directly owns 158,617 shares in the company, valued at approximately $17,497,041.27. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the sale, the senior vice president now owns 153,387 shares of the company’s stock, valued at $17,723,867.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 304,840 shares of company stock valued at $37,961,924. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in MU. Tidemark LLC bought a new position in shares of Micron Technology during the 4th quarter valued at approximately $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology during the 1st quarter valued at approximately $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the 4th quarter valued at approximately $26,000. Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology during the 4th quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC grew its stake in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares during the period. 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.