Piper Sandler Raises Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price objective hoisted by Piper Sandler from $130.00 to $150.00 in a report issued on Thursday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

A number of other research analysts also recently issued reports on the stock. Bank of America boosted their target price on shares of Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a research report on Monday, June 17th. Raymond James boosted their target price on shares of Micron Technology from $130.00 to $160.00 and gave the company an outperform rating in a research report on Friday, June 21st. Citigroup boosted their target price on shares of Micron Technology from $150.00 to $175.00 and gave the company a buy rating in a research report on Monday, June 24th. TD Cowen upped their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the stock an outperform rating in a research report on Thursday, March 21st. Finally, StockNews.com upgraded shares of Micron Technology from a sell rating to a hold rating in a research report on Friday, March 22nd. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has an average rating of Moderate Buy and an average target price of $158.52.

Micron Technology Trading Down 0.5 %

NASDAQ:MU opened at $131.53 on Thursday. Micron Technology has a 12 month low of $60.50 and a 12 month high of $157.54. The firm has a fifty day simple moving average of $128.07 and a 200-day simple moving average of $106.46. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the firm posted ($1.57) earnings per share. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. On average, equities research analysts anticipate that Micron Technology will post 0.39 earnings per share for the current year.

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the senior vice president now directly owns 153,387 shares of the company’s stock, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 304,840 shares of company stock valued at $37,961,924. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Several hedge funds have recently made changes to their positions in the company. TCW Group Inc. lifted its holdings in shares of Micron Technology by 5.7% in the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after acquiring an additional 28,649 shares during the last quarter. Gulf International Bank UK Ltd lifted its holdings in shares of Micron Technology by 6.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after acquiring an additional 5,958 shares during the last quarter. Savoie Capital LLC acquired a new position in shares of Micron Technology in the 3rd quarter worth approximately $4,229,000. TrinityPoint Wealth LLC lifted its holdings in shares of Micron Technology by 33.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after acquiring an additional 8,736 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its holdings in shares of Micron Technology by 176.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock worth $1,349,000 after acquiring an additional 10,096 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.