UBS Group Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective lifted by UBS Group from $120.00 to $155.00 in a report published on Thursday morning, Marketbeat reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

Several other brokerages also recently weighed in on MU. KeyCorp upped their price target on Micron Technology from $135.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. TD Cowen boosted their price objective on Micron Technology from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday. Rosenblatt Securities upped their target price on shares of Micron Technology from $172.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday. Barclays lifted their price target on shares of Micron Technology from $95.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $144.67.

Micron Technology Trading Down 1.0%

NASDAQ MU opened at $126.00 on Thursday. Micron Technology has a one year low of $61.54 and a one year high of $137.39. The firm has a 50 day simple moving average of $97.59 and a 200-day simple moving average of $94.05. The firm has a market cap of $140.81 billion, a price-to-earnings ratio of 22.70 and a beta of 1.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.99 and a current ratio of 3.13.

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

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid 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 presently 11.03%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 2,290 shares of Micron Technology stock in a transaction on Monday, June 16th. The shares were 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 approximately $46,305,514.35. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president now directly owns 186,353 shares of the company’s stock, valued at $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,404 shares of company stock worth $8,509,167. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $1,470,875,000. Capital World Investors grew its position in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after buying an additional 15,993,036 shares during the last quarter. FMR LLC increased its stake in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after buying an additional 12,249,341 shares during the period. Capital Research Global Investors increased its stake in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the period. Finally, Capital International Investors raised its position in Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after buying an additional 4,375,232 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.