Micron Technology (NASDAQ:MU) Price Target Raised to $180.00 at Bank of America

Micron Technology (NASDAQ:MU) had its price objective increased by Bank of America from $140.00 to $180.00 in a report released on Wednesday morning, MarketBeat Ratings reports. They currently have a neutral rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of Micron Technology from $155.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. KeyCorp boosted their target price on shares of Micron Technology from $135.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, June 26th. Wolfe Research boosted their target price on shares of Micron Technology from $160.00 to $180.00 and gave the company an “outperform” rating in a research note on Wednesday, September 17th. Wedbush boosted their target price on shares of Micron Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Finally, Mizuho boosted their target price on shares of Micron Technology from $155.00 to $182.00 and gave the company an “outperform” rating in a research note on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $184.77.

Micron Technology Price Performance

NASDAQ:MU opened at $161.71 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The company has a 50 day moving average price of $126.57 and a 200-day moving average price of $107.07. Micron Technology has a 1-year low of $61.54 and a 1-year high of $170.45. The firm has a market cap of $180.97 billion, a price-to-earnings ratio of 21.31 and a beta of 1.47.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 22.84% and a return on equity of 17.69%. The firm had revenue of $9.30 billion during the quarter, compared to analysts’ expectations of $8.83 billion. During the same period in the previous year, the business posted $0.62 EPS. Equities research analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology’s payout ratio is presently 8.29%.

Insider Activity at Micron Technology

In related news, CFO Mark J. Murphy sold 34,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total value of $3,716,880.00. Following the completion of the sale, the chief financial officer owned 264,036 shares of the company’s stock, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the sale, the director directly owned 20,146 shares of the company’s stock, valued at approximately $2,330,287.82. The trade was a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,946 shares of company stock worth $32,306,159 in the last quarter. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Large investors have recently modified their holdings of the business. First Command Advisory Services Inc. grew its holdings in shares of Micron Technology by 225.0% during the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer’s stock worth $27,000 after buying an additional 153 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in shares of Micron Technology during the second quarter worth $30,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology during the first quarter worth $33,000. AlphaQuest LLC grew its holdings in shares of Micron Technology by 13,250.0% during the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 265 shares in the last quarter. Finally, WealthCollab LLC grew its holdings in shares of Micron Technology by 4,500.0% during the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 270 shares in the last quarter. 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.