Analysts Set Micron Technology, Inc. (NASDAQ:MU) PT at $184.77

Shares of Micron Technology, Inc. (NASDAQ:MU) have been assigned a consensus recommendation of “Moderate Buy” from the thirty-one brokerages that are currently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, twenty-two have assigned a buy recommendation and four have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $184.7692.

Several analysts recently issued reports on the company. Citigroup increased their price target on Micron Technology from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Cantor Fitzgerald increased their target price on Micron Technology from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Susquehanna raised their target price on Micron Technology from $160.00 to $200.00 and gave the company a “positive” rating in a report on Wednesday, September 17th. Zacks Research upgraded Micron Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 19th. Finally, Needham & Company LLC lifted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th.

Insiders Place Their Bets

In other Micron Technology news, CEO Sanjay Mehrotra sold 15,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the sale, the chief executive officer directly owned 310,148 shares in the company, valued at $56,093,367.28. The trade was a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $164.04, for a total value of $2,460,600.00. Following the transaction, the executive vice president owned 131,580 shares of the company’s stock, valued at approximately $21,584,383.20. This trade represents a 10.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 109,456 shares of company stock valued at $15,698,445 in the last three months. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Micron Technology in the second quarter worth about $1,980,700,000. Nuveen LLC bought a new position in Micron Technology during the 1st quarter worth approximately $369,191,000. Slate Path Capital LP acquired a new position in shares of Micron Technology in the 2nd quarter worth approximately $317,751,000. Vanguard Group Inc. increased its holdings in shares of Micron Technology by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer’s stock valued at $8,854,644,000 after acquiring an additional 2,049,163 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position 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 valued at $922,467,000 after acquiring an additional 2,038,641 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $187.83 on Friday. The firm has a fifty day moving average of $134.89 and a 200-day moving average of $110.82. Micron Technology has a 52-week low of $61.54 and a 52-week high of $191.85. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $210.21 billion, a P/E ratio of 24.75, a PEG ratio of 0.41 and a beta of 1.56.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. Micron Technology’s dividend payout ratio (DPR) is currently 6.06%.

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.