Micron Technology (NASDAQ:MU) Price Target Raised to $160.00

Micron Technology (NASDAQ:MU) had its price target raised by Morgan Stanley from $135.00 to $160.00 in a report published on Monday,Benzinga reports. The firm currently has an equal weight rating on the semiconductor manufacturer’s stock.

MU has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $150.00 price objective on shares of Micron Technology in a research note on Monday, August 11th. The Goldman Sachs Group began coverage on shares of Micron Technology in a research note on Thursday, July 10th. They set a “neutral” rating and a $130.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on shares of Micron Technology from $165.00 to $185.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 12th. Stifel Nicolaus lifted their price target on shares of Micron Technology from $173.00 to $195.00 and gave the company a “buy” rating in a research note on Monday. Finally, Bank of America lifted their price target on shares of Micron Technology from $84.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $184.77.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $161.71 on Monday. The stock has a market capitalization of $180.97 billion, a price-to-earnings ratio of 21.31 and a beta of 1.47. Micron Technology has a 12 month low of $61.54 and a 12 month high of $170.45. The firm’s 50 day simple moving average is $126.57 and its 200-day simple moving average is $107.07. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $8.83 billion. Micron Technology had a net margin of 22.84% and a return on equity of 17.69%. During the same quarter last year, the company earned $0.62 EPS. Analysts expect that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a $0.115 dividend. The ex-dividend date is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. Micron Technology’s dividend payout ratio (DPR) is presently 8.29%.

Insider Buying and Selling

In other Micron Technology news, Director Steven J. Gomo sold 7,000 shares of the firm’s stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the transaction, the director owned 22,762 shares in the company, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 13,798 shares of the firm’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $162.20, for a total value of $2,238,035.60. Following the completion of the transaction, the chief executive officer owned 325,148 shares in the company, valued at $52,739,005.60. The trade was a 4.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,946 shares of company stock worth $32,306,159 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Micron Technology by 1.9% in 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 purchasing an additional 1,973,294 shares in the last quarter. State Street Corp raised its holdings 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 worth $6,331,795,000 after acquiring an additional 1,349,713 shares during the period. Geode Capital Management LLC raised its holdings 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 worth $3,152,974,000 after acquiring an additional 314,489 shares during the period. Norges Bank purchased a new position in shares of Micron Technology during the 2nd quarter worth $1,980,700,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Micron Technology by 23.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer’s stock worth $922,467,000 after acquiring an additional 2,038,641 shares during the period. 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.