Micron Technology (NASDAQ:MU) Price Target Lowered to $75.00 at Wells Fargo & Company

Micron Technology (NASDAQ:MUGet Rating) had its price target trimmed by Wells Fargo & Company from $90.00 to $75.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also commented on the stock. Raymond James lowered shares of Micron Technology from a strong-buy rating to an outperform rating and cut their price objective for the stock from $72.00 to $65.00 in a report on Tuesday, August 9th. Wedbush cut their price objective on shares of Micron Technology from $120.00 to $85.00 and set an outperform rating on the stock in a report on Friday, July 1st. Citigroup cut their price objective on shares of Micron Technology from $80.00 to $75.00 and set a buy rating on the stock in a report on Wednesday, August 10th. Mizuho cut Micron Technology from a buy rating to a neutral rating and reduced their target price for the company from $75.00 to $56.00 in a research note on Wednesday. Finally, Cowen reduced their target price on Micron Technology from $90.00 to $70.00 and set an outperform rating for the company in a research note on Friday, July 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $83.34.

Micron Technology Stock Down 1.4 %

MU opened at $50.10 on Wednesday. The firm has a 50 day moving average price of $59.13 and a 200 day moving average price of $65.50. The company has a market cap of $55.27 billion, a PE ratio of 5.71, a price-to-earnings-growth ratio of 3.02 and a beta of 1.30. Micron Technology has a 1 year low of $49.72 and a 1 year high of $98.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.44 and a current ratio of 3.24.

Micron Technology (NASDAQ:MUGet Rating) last posted its 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 firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $1.81 EPS. Sell-side analysts expect that Micron Technology will post 7.9 earnings per share for the current year.

Micron Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 26th. Shareholders of record on Monday, July 11th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.92%. This is a boost from Micron Technology’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Friday, July 8th. Micron Technology’s dividend payout ratio (DPR) is presently 5.25%.

Insider Activity

In other news, SVP Michael W. Bokan sold 16,600 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $63.82, for a total transaction of $1,059,412.00. Following the transaction, the senior vice president now directly owns 119,126 shares of the company’s stock, valued at $7,602,621.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Concorde Financial Corp acquired a new position in Micron Technology during the fourth quarter worth about $27,000. SOA Wealth Advisors LLC. grew its holdings in 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 period. Vectors Research Management LLC grew its holdings in Micron Technology by 60.3% during the fourth quarter. Vectors Research Management LLC now owns 372 shares of the semiconductor manufacturer’s stock worth $35,000 after acquiring an additional 140 shares during the period. Core Alternative Capital grew its holdings in Micron Technology by 912.5% during the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 365 shares during the period. Finally, BDO Wealth Advisors LLC grew its holdings in Micron Technology by 46.7% during the first quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 140 shares during the period. 79.66% of the stock is owned by institutional investors and hedge funds.

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.

Featured Stories

The Fly logo

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.