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

Micron Technology (NASDAQ:MU) had its price objective hoisted by KeyCorp from $150.00 to $160.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other research analysts also recently commented on MU. Bank of America increased their price target on shares of Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a report on Monday, June 17th. Piper Sandler increased their price target 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. Fox Advisors raised shares of Micron Technology from an equal weight rating to an overweight rating in a research report on Thursday, March 21st. Mizuho increased their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a buy rating in a research report on Friday, May 31st. Finally, Wolfe Research increased their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of Moderate Buy and an average price target of $158.52.

Micron Technology Stock Down 0.5 %

MU opened at $131.53 on Thursday. The firm has a 50-day simple moving average of $128.07 and a two-hundred day simple moving average of $106.28. Micron Technology has a 52 week low of $60.50 and a 52 week high of $157.54. The company has a market capitalization of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21. 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 announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter last year, the firm earned ($1.57) EPS. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. Analysts forecast that Micron Technology will post 0.36 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Activity

In other news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the transaction, the senior vice president now directly owns 153,387 shares in the company, valued at $17,723,867.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now directly owns 260,857 shares in the company, valued at $30,981,985.89. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of 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. Over the last ninety days, insiders have sold 304,840 shares of company stock worth $37,961,924. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Atria Investments Inc lifted its stake in shares of Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares during the period. Revolve Wealth Partners LLC lifted its stake in shares of Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after buying an additional 98 shares during the period. Retirement Group LLC lifted its stake in shares of Micron Technology by 37.3% during the first quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 100 shares during the period. AIA Group Ltd lifted its stake in shares of Micron Technology by 2.1% during the first quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock worth $568,000 after buying an additional 101 shares during the period. Finally, Manchester Capital Management LLC lifted its stake in shares of Micron Technology by 5.2% during the first quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock worth $250,000 after buying an additional 104 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.