Micron Technology (NASDAQ:MU) Downgraded to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of Micron Technology (NASDAQ:MUGet Rating) from an equal weight rating to an underweight rating in a report released on Friday morning, Marketbeat.com reports. The brokerage currently has $56.00 price objective on the semiconductor manufacturer’s stock.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group lowered their price objective on shares of Micron Technology from $86.00 to $75.00 and set a buy rating for the company in a research report on Friday, July 1st. Citigroup lowered their price target on Micron Technology from $85.00 to $80.00 and set a buy rating on the stock in a report on Friday, July 1st. Deutsche Bank Aktiengesellschaft lowered their target price on Micron Technology from $100.00 to $70.00 and set a buy rating on the stock in a report on Friday, July 1st. Cowen decreased their price target on Micron Technology from $90.00 to $70.00 and set an outperform rating for the company in a research report on Friday, July 1st. Finally, UBS Group decreased their price objective on Micron Technology from $115.00 to $100.00 and set a buy rating for the company in a research report on Tuesday, June 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $87.42.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $61.29 on Friday. The company has a market cap of $67.61 billion, a PE ratio of 6.99, a P/E/G ratio of 0.56 and a beta of 1.28. Micron Technology has a 1-year low of $51.40 and a 1-year high of $98.45. The stock has a fifty day moving average price of $63.06 and a 200 day moving average price of $74.14. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.24 and a quick ratio of 2.44.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported $2.50 EPS for the quarter, topping the consensus estimate of $2.33 by $0.17. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.66 billion. Micron Technology had a net margin of 30.61% and a return on equity of 21.91%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.81 EPS. Sell-side analysts forecast that Micron Technology will post 8.12 EPS for the current year.

Micron Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 26th. Shareholders of record on Monday, July 11th will be given a dividend of $0.115 per share. This is an increase from Micron Technology’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.75%. Micron Technology’s dividend payout ratio (DPR) is presently 5.25%.

Institutional Trading of Micron Technology

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Micron Technology by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 90,507,938 shares of the semiconductor manufacturer’s stock worth $7,049,663,000 after acquiring an additional 1,037,418 shares during the last quarter. State Street Corp lifted its stake in Micron Technology by 2.4% in the 4th quarter. State Street Corp now owns 47,336,782 shares of the semiconductor manufacturer’s stock worth $4,414,090,000 after purchasing an additional 1,104,114 shares in the last quarter. Sanders Capital LLC raised its position in shares of Micron Technology by 1.6% during the 1st quarter. Sanders Capital LLC now owns 41,921,490 shares of the semiconductor manufacturer’s stock valued at $3,551,295,000 after buying an additional 646,950 shares in the last quarter. Capital World Investors raised its position in shares of Micron Technology by 28.8% during the 1st quarter. Capital World Investors now owns 35,314,215 shares of the semiconductor manufacturer’s stock valued at $2,750,624,000 after buying an additional 7,894,757 shares in the last quarter. Finally, Capital Research Global Investors raised its position in shares of Micron Technology by 28.6% during the 1st quarter. Capital Research Global Investors now owns 33,193,160 shares of the semiconductor manufacturer’s stock valued at $2,585,436,000 after buying an additional 7,380,205 shares in the last quarter. 80.35% of the stock is owned by institutional investors.

Micron Technology Company Profile

(Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

Further Reading

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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