Micron Technology (NASDAQ:MU) Given New $170.00 Price Target at Wells Fargo & Company

Micron Technology (NASDAQ:MU) had its target price increased by Wells Fargo & Company from $150.00 to $170.00 in a report released on Thursday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other analysts also recently weighed in on MU. China Renaissance downgraded shares of Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a research report on Wednesday, March 26th. Rosenblatt Securities increased their target price on shares of Micron Technology from $172.00 to $200.00 and gave the stock a “buy” rating in a report on Monday. Robert W. Baird lifted their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, March 21st. Citigroup upped their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Wall Street Zen upgraded Micron Technology from a “hold” rating to a “buy” rating in a report 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.67.

Micron Technology Stock Performance

MU stock opened at $126.00 on Thursday. Micron Technology has a twelve month low of $61.54 and a twelve month high of $137.39. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. The company has a market cap of $140.81 billion, a P/E ratio of 22.70 and a beta of 1.28. The business’s fifty day moving average is $97.59 and its 200-day moving average is $94.05.

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

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be issued a $0.115 dividend. The ex-dividend date is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.37%. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president now directly owns 148,167 shares in the company, valued at $18,538,655.04. This trade represents a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjay Mehrotra sold 2,290 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $120.31, for a total value of $275,509.90. Following the transaction, the chief executive officer now directly owns 384,885 shares in the company, valued at $46,305,514.35. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,404 shares of company stock valued at $8,509,167 over the last 90 days. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently made changes to their positions in the stock. Sunbeam Capital Management LLC bought a new stake in Micron Technology during the fourth quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology during the 1st quarter worth about $33,000. Roxbury Financial LLC raised its holdings in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock valued at $37,000 after purchasing an additional 300 shares during the period. Curio Wealth LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Finally, AllSquare Wealth Management LLC lifted its stake in Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.