Micron Technology (NASDAQ:MU) Price Target Raised to $185.00

Micron Technology (NASDAQ:MU) had its price target hoisted by JPMorgan Chase & Co. from $165.00 to $185.00 in a research report sent to investors on Tuesday, MarketBeat reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

Other equities analysts have also issued reports about the company. Citigroup increased their price objective on Micron Technology from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Rosenblatt Securities increased their price objective on Micron Technology from $172.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 23rd. KeyCorp increased their price objective on Micron Technology from $135.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, June 26th. Piper Sandler increased their target price on Micron Technology from $120.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Finally, Wall Street Zen upgraded Micron Technology from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $147.24.

Micron Technology Stock Performance

MU stock opened at $125.29 on Tuesday. The firm has a market cap of $140.21 billion, a PE ratio of 22.57 and a beta of 1.37. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average of $117.77 and a 200-day moving average of $98.83. Micron Technology has a 12-month low of $61.54 and a 12-month high of $129.85.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the prior year, the company posted $0.62 earnings per share. As a group, sell-side analysts expect that Micron Technology will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology’s payout ratio is presently 8.29%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president directly owned 148,167 shares in the company, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company’s stock, valued at approximately $25,264,399.74. This trade represents a 31.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock worth $34,679,277 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Micron Technology by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 103,879,662 shares of the semiconductor manufacturer’s stock valued at $12,803,168,000 after acquiring an additional 1,973,294 shares during the period. State Street Corp grew its position in shares of Micron Technology by 2.7% during the 2nd quarter. State Street Corp now owns 51,373,591 shares of the semiconductor manufacturer’s stock valued at $6,331,795,000 after acquiring an additional 1,349,713 shares during the period. Capital World Investors grew its position in shares of Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares during the period. Geode Capital Management LLC grew its position in shares of Micron Technology by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 25,690,491 shares of the semiconductor manufacturer’s stock valued at $3,152,974,000 after acquiring an additional 314,489 shares during the period. Finally, Capital International Investors grew its position in shares of Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after acquiring an additional 4,375,232 shares during the period. 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.