Micron Technology (NASDAQ:MU) Price Target Raised to $200.00

Micron Technology (NASDAQ:MU) had its target price upped by Piper Sandler from $165.00 to $200.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other analysts also recently commented on MU. JPMorgan Chase & Co. raised their price objective on Micron Technology from $185.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday. Robert W. Baird upped their target price on Micron Technology from $163.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, June 27th. Erste Group Bank started coverage on Micron Technology in a research report on Thursday, August 14th. They issued a “buy” rating for the company. The Goldman Sachs Group initiated coverage on shares of Micron Technology in a research note on Thursday, July 10th. They issued a “neutral” rating and a $130.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $184.77.

Micron Technology Stock Performance

NASDAQ MU opened at $157.27 on Wednesday. The company’s fifty day moving average is $128.30 and its two-hundred day moving average is $108.02. Micron Technology has a 52-week low of $61.54 and a 52-week high of $170.45. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.89. The firm has a market capitalization of $176.00 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 0.40 and a beta of 1.47.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 22.84% and a return on equity of 17.21%. The business had revenue of $9.30 billion during the quarter, compared to analysts’ expectations of $8.83 billion. During the same quarter last year, the company earned $0.62 earnings per share. Equities research analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology’s dividend payout ratio (DPR) is currently 6.06%.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 13,798 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the transaction, the chief executive officer owned 325,148 shares in the company, valued at $52,739,005.60. This represents a 4.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the sale, the director directly owned 20,146 shares in the company, valued at approximately $2,330,287.82. This represents a 10.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,308 shares of company stock worth $19,804,967. 0.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MU. Corient Private Wealth LLC boosted its position in Micron Technology by 64.3% in the 2nd quarter. Corient Private Wealth LLC now owns 485,961 shares of the semiconductor manufacturer’s stock valued at $59,895,000 after buying an additional 190,122 shares during the last quarter. National Wealth Management Group LLC acquired a new position in shares of Micron Technology during the second quarter valued at $697,000. RS Crum Inc. acquired a new position in shares of Micron Technology during the second quarter valued at $246,000. Caldwell Trust Co bought a new position in Micron Technology in the second quarter valued at about $43,000. Finally, Valeo Financial Advisors LLC grew its position in shares of Micron Technology by 15.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 10,750 shares of the semiconductor manufacturer’s stock worth $1,325,000 after buying an additional 1,447 shares during the period. 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.