Micron Technology (NASDAQ:MU) Price Target Cut to $100.00

Micron Technology (NASDAQ:MU) had its price objective reduced by Morgan Stanley from $140.00 to $100.00 in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have an equal weight rating on the semiconductor manufacturer’s stock.

Other equities research analysts have also recently issued research reports about the company. Bank of America upped their price target on Micron Technology from $144.00 to $170.00 and gave the stock a buy rating in a research note on Monday, June 17th. Piper Sandler upped their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. Susquehanna reduced their target price on shares of Micron Technology from $185.00 to $175.00 and set a positive rating for the company in a research note on Thursday, August 22nd. UBS Group reduced their price objective on shares of Micron Technology from $155.00 to $153.00 and set a buy rating for the company in a research report on Thursday, June 27th. Finally, The Goldman Sachs Group lifted their price objective on Micron Technology from $138.00 to $158.00 and gave the company a buy rating in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has an average rating of Moderate Buy and a consensus price target of $145.65.

Micron Technology Trading Up 2.2 %

Shares of Micron Technology stock opened at $89.25 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The company has a market capitalization of $98.96 billion, a P/E ratio of -62.85 and a beta of 1.17. Micron Technology has a 1 year low of $63.83 and a 1 year high of $157.54. The company’s fifty day moving average is $100.66 and its two-hundred day moving average is $114.59.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue was up 81.5% on a year-over-year basis. During the same quarter last year, the company posted ($1.57) earnings per share. Analysts forecast that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SS&H Financial Advisors Inc. boosted its stake in Micron Technology by 3.2% in the 2nd quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after buying an additional 650 shares during the last quarter. Heritage Wealth Management Inc. acquired a new position in shares of Micron Technology during the 2nd quarter valued at about $445,000. Sanctuary Advisors LLC purchased a new position in shares of Micron Technology during the 2nd quarter worth about $5,306,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Micron Technology in the second quarter worth approximately $92,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Micron Technology in the second quarter valued at approximately $39,000. 80.84% of the stock is owned by hedge funds and other 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.