Bank of America Increases Micron Technology (NASDAQ:MU) Price Target to $125.00

Micron Technology (NASDAQ:MU) had its price target upped by Bank of America from $110.00 to $125.00 in a report issued on Thursday, Benzinga reports. Bank of America currently has a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other research reports. Stifel Nicolaus cut their price target on shares of Micron Technology from $165.00 to $135.00 and set a buy rating on the stock in a report on Thursday, September 19th. Piper Sandler raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a report on Thursday, June 27th. Rosenblatt Securities restated a buy rating and issued a $225.00 price target on shares of Micron Technology in a report on Tuesday, June 25th. Susquehanna cut their price target on shares of Micron Technology from $175.00 to $165.00 and set a positive rating on the stock in a report on Thursday. Finally, Robert W. Baird raised their price target on shares of Micron Technology from $150.00 to $172.00 and gave the company an outperform rating in a report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, Micron Technology presently has an average rating of Moderate Buy and an average price target of $144.38.

Micron Technology Price Performance

Micron Technology stock opened at $107.50 on Thursday. Micron Technology has a 12-month low of $63.83 and a 12-month high of $157.54. The stock has a market capitalization of $119.20 billion, a P/E ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17. The firm’s 50-day moving average is $97.63 and its two-hundred day moving average is $114.96. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue was up 93.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.21) EPS. Equities analysts predict that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Paragon Capital Management Inc. acquired a new position in Micron Technology in the second quarter worth $2,309,000. Centaurus Financial Inc. boosted its holdings in Micron Technology by 13.2% in the second quarter. Centaurus Financial Inc. now owns 13,293 shares of the semiconductor manufacturer’s stock worth $1,748,000 after purchasing an additional 1,554 shares during the period. SS&H Financial Advisors Inc. boosted its holdings in Micron Technology by 3.2% in the second quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after purchasing an additional 650 shares during the period. Heritage Wealth Management Inc. acquired a new position in shares of Micron Technology during the second quarter valued at $445,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Micron Technology during the second quarter valued at $5,306,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

About Micron Technology

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.