Micron Technology (NASDAQ:MU) PT Lowered to $80.00

Micron Technology (NASDAQ:MUGet Rating) had its price target reduced by BMO Capital Markets from $85.00 to $80.00 in a research report sent to investors on Monday, The Fly reports.

MU has been the topic of a number of other research reports. Raymond James lowered shares of Micron Technology from a strong-buy rating to an outperform rating and cut their price target for the stock from $72.00 to $65.00 in a report on Tuesday, August 9th. Needham & Company LLC cut their price target on shares of Micron Technology from $80.00 to $64.00 and set a buy rating on the stock in a report on Friday, July 1st. Wedbush cut their target price on shares of Micron Technology from $120.00 to $85.00 and set an outperform rating on the stock in a research note on Friday, July 1st. The Goldman Sachs Group cut their target price on shares of Micron Technology from $86.00 to $75.00 and set a buy rating on the stock in a research note on Friday, July 1st. Finally, Cowen cut their target price on shares of Micron Technology from $90.00 to $70.00 and set an outperform rating on the stock in a research note on Friday, July 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $85.54.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $52.10 on Monday. The stock has a market cap of $57.47 billion, a PE ratio of 5.94, a PEG ratio of 3.06 and a beta of 1.30. Micron Technology has a 52 week low of $51.40 and a 52 week high of $98.45. The company has a quick ratio of 2.44, a current ratio of 3.24 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average is $59.59 and its 200 day moving average is $65.93.

Micron Technology (NASDAQ:MUGet Rating) last announced its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.81 EPS. Research analysts anticipate that Micron Technology will post 7.9 earnings per share for the current year.

Micron Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 26th. Shareholders of record on Monday, July 11th were given a $0.115 dividend. This is a positive change from Micron Technology’s previous quarterly dividend of $0.10. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Friday, July 8th. Micron Technology’s dividend payout ratio is presently 5.25%.

Insiders Place Their Bets

In other Micron Technology news, SVP Michael W. Bokan sold 16,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $63.82, for a total value of $1,059,412.00. Following the completion of the transaction, the senior vice president now directly owns 119,126 shares in the company, valued at $7,602,621.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. SOA Wealth Advisors LLC. boosted its position in shares of Micron Technology by 144.9% during the first quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Concorde Financial Corp purchased a new stake in Micron Technology during the fourth quarter valued at $27,000. Wagner Wealth Management LLC purchased a new stake in Micron Technology during the second quarter valued at $29,000. Core Alternative Capital raised its stake in Micron Technology by 912.5% during the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 365 shares in the last quarter. Finally, BDO Wealth Advisors LLC raised its stake in Micron Technology by 46.7% during the first quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 140 shares in the last quarter. Institutional investors own 79.66% of the company’s stock.

About Micron Technology

(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.

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