Micron Technology (NASDAQ:MU) Price Target Raised to $130.00

Micron Technology (NASDAQ:MU) had its target price boosted by Citigroup from $110.00 to $130.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, March 21st. China Renaissance cut Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a report on Wednesday, March 26th. Wall Street Zen cut Micron Technology from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Robert W. Baird boosted their price objective on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a report on Friday, March 21st. Finally, Wedbush restated an “underperform” rating on shares of Micron Technology in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $129.00.

Micron Technology Stock Performance

Shares of MU opened at $116.03 on Monday. The stock has a 50-day moving average of $86.24 and a two-hundred day moving average of $92.43. Micron Technology has a one year low of $61.54 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market cap of $129.67 billion, a P/E ratio of 33.44 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the previous year, the firm posted $0.42 EPS. The firm’s revenue was up 38.2% compared to the same quarter last year. As a group, research analysts predict that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s dividend payout ratio is presently 11.03%.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 3,938 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $110.88, for a total value of $436,645.44. Following the sale, the chief executive officer now directly owns 387,175 shares in the company, valued at approximately $42,929,964. This trade represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. The trade was a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,904 shares of company stock worth $4,665,124. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several hedge funds have recently modified their holdings of the stock. Sunbeam Capital Management LLC purchased a new position in Micron Technology in the fourth quarter valued at $26,000. Beacon Capital Management LLC increased its holdings in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares during the last quarter. Midwest Capital Advisors LLC purchased a new position in Micron Technology in the fourth quarter valued at $33,000. Opal Wealth Advisors LLC purchased a new position in Micron Technology in the first quarter valued at $33,000. Finally, Activest Wealth Management grew its holdings in shares of Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 350 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.