Micron Technology (NASDAQ:MU) Given New $150.00 Price Target at Needham & Company LLC

Micron Technology (NASDAQ:MU) had its target price lifted by Needham & Company LLC from $120.00 to $150.00 in a research note published on Thursday morning, MarketBeat reports. Needham & Company LLC currently has a buy rating on the semiconductor manufacturer’s stock.

MU has been the subject of a number of other research reports. Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and boosted their price objective for the company from $130.00 to $150.00 in a report on Friday, June 20th. UBS Group boosted their target price on shares of Micron Technology from $92.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 5th. Barclays reduced their price target on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Citigroup boosted their price objective on shares of Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, Rosenblatt Securities raised their target price on shares of Micron Technology from $172.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $144.67.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $126.00 on Thursday. The firm has a market cap of $140.81 billion, a PE ratio of 22.70 and a beta of 1.28. The stock has a 50 day moving average of $97.59 and a 200 day moving average of $94.05. The company has a current ratio of 3.13, a quick ratio of 1.99 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.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.88% and a net margin of 18.41%. During the same period in the prior year, the company earned $0.62 EPS. On average, research analysts expect that Micron Technology will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.37%. Micron Technology’s dividend payout ratio is currently 11.03%.

Insider Activity

In related news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 186,353 shares in the company, valued at $20,498,830. The trade was a 9.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 3,562 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.46, for a total transaction of $393,458.52. Following the sale, the chief executive officer now directly owns 391,113 shares in the company, valued at $43,202,341.98. This trade represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,404 shares of company stock valued at $8,509,167. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Xcel Wealth Management LLC boosted its holdings in shares of Micron Technology by 1.8% in the 4th quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock valued at $518,000 after purchasing an additional 108 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in shares of Micron Technology by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock worth $250,000 after buying an additional 108 shares during the last quarter. Twin Capital Management Inc. raised its position in shares of Micron Technology by 0.5% in the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer’s stock worth $1,688,000 after buying an additional 108 shares during the period. D.B. Root & Company LLC raised its position in shares of Micron Technology by 3.7% in the 1st quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer’s stock worth $262,000 after buying an additional 108 shares during the period. Finally, Cim Investment Management Inc. grew its position in Micron Technology by 0.5% during the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer’s stock valued at $1,941,000 after acquiring an additional 114 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

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.