Needham & Company LLC Cuts Micron Technology (NASDAQ:MU) Price Target to $140.00

Micron Technology (NASDAQ:MU) had its price objective decreased by Needham & Company LLC from $150.00 to $140.00 in a research report sent to investors on Monday morning, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also weighed in on the company. Wells Fargo & Company increased their price target on Micron Technology from $135.00 to $190.00 and gave the company an overweight rating in a research report on Thursday, June 20th. Wedbush reissued an outperform rating and issued a $170.00 target price on shares of Micron Technology in a research report on Thursday, June 27th. Raymond James upped their price target 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. Susquehanna cut their target price on shares of Micron Technology from $185.00 to $175.00 and set a positive rating on the stock in a research note on Thursday, August 22nd. Finally, JPMorgan Chase & Co. raised their target price on Micron Technology from $130.00 to $180.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $157.12.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $94.86 on Monday. Micron Technology has a twelve month low of $63.83 and a twelve month high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average of $116.46 and a two-hundred day moving average of $114.44. The company has a market capitalization of $105.18 billion, a price-to-earnings ratio of -66.80 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.57) earnings per share. As a group, analysts expect that Micron Technology will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is -32.39%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total value of $941,990.00. Following the sale, the chief executive officer now owns 719,049 shares in the company, valued at $96,762,423.93. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,174 shares of company stock worth $7,710,093. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidemark LLC bought a new stake in Micron Technology in the 4th quarter valued at $25,000. DecisionPoint Financial LLC bought a new stake in Micron Technology in the first quarter valued at about $25,000. Pingora Partners LLC acquired a new position in Micron Technology in the fourth quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in Micron Technology during the second quarter worth about $28,000. Finally, Frank Rimerman Advisors LLC acquired a new stake in Micron Technology during the fourth quarter valued at approximately $29,000. 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.