Micron Technology (NASDAQ:MU) Given New $140.00 Price Target at Barclays

Micron Technology (NASDAQ:MU) had its price objective raised by Barclays from $95.00 to $140.00 in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently commented on the stock. Robert W. Baird upped their price target on shares of Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Mizuho increased their target price on Micron Technology from $124.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, June 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research report on Friday, March 21st. Citigroup upped their price target on Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, Wall Street Zen raised Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $144.67.

Micron Technology Trading Down 1.0%

Shares of NASDAQ MU opened at $126.00 on Thursday. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. Micron Technology has a 12 month low of $61.54 and a 12 month high of $137.39. The company has a market cap of $140.81 billion, a price-to-earnings ratio of 22.70 and a beta of 1.28. The business has a fifty day simple moving average of $97.59 and a 200-day simple moving average of $94.05.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 13.88% and a net margin of 18.41%. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the previous year, the company earned $0.62 EPS. Sell-side 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 will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology’s payout ratio is presently 11.03%.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 2,290 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $120.31, for a total transaction of $275,509.90. Following the transaction, the chief executive officer now owns 384,885 shares in the company, valued at $46,305,514.35. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.11, for a total transaction of $2,502,200.00. Following the completion of the sale, the executive vice president now owns 166,353 shares of the company’s stock, valued at $20,812,423.83. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,404 shares of company stock worth $8,509,167. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AG2R LA Mondiale Gestion D Actifs acquired a new position in shares of Micron Technology during the first quarter worth approximately $3,922,000. Voya Investment Management LLC increased its position in Micron Technology by 21.6% during the first quarter. Voya Investment Management LLC now owns 2,956,411 shares of the semiconductor manufacturer’s stock worth $256,701,000 after acquiring an additional 525,596 shares during the period. Strs Ohio acquired a new position in Micron Technology during the 1st quarter valued at $57,628,000. SWS Partners boosted its holdings in Micron Technology by 2.5% in the 1st quarter. SWS Partners now owns 21,529 shares of the semiconductor manufacturer’s stock valued at $1,871,000 after purchasing an additional 531 shares during the period. Finally, Westbourne Investments Inc. boosted its holdings in Micron Technology by 555.9% in the 1st quarter. Westbourne Investments Inc. now owns 17,590 shares of the semiconductor manufacturer’s stock valued at $1,528,000 after purchasing an additional 14,908 shares during the period. 80.84% of the stock is 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.