Micron Technology (NASDAQ:MU) Price Target Raised to $190.00 at Raymond James Financial

Micron Technology (NASDAQ:MU) had its target price hoisted by Raymond James Financial from $150.00 to $190.00 in a report published on Wednesday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the semiconductor manufacturer’s stock.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. upped their price objective on Micron Technology from $185.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday. Erste Group Bank assumed coverage on Micron Technology in a research note on Thursday, August 14th. They issued a “buy” rating for the company. Bank of America upped their price objective on Micron Technology from $140.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday. CLSA assumed coverage on Micron Technology in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $155.00 price objective for the company. Finally, Arete Research upgraded Micron Technology to a “strong-buy” rating in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $184.77.

Micron Technology Trading Down 2.8%

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 firm has a market capitalization of $180.97 billion, a price-to-earnings ratio of 21.31 and a beta of 1.47. Micron Technology has a one year low of $61.54 and a one year high of $170.45. The business has a fifty day moving average price of $126.57 and a 200-day moving average price of $107.07.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The firm had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 17.69% and a net margin of 22.84%.During the same period in the prior year, the business posted $0.62 EPS. Sell-side analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total value of $278,070.68. Following the completion of the sale, the director owned 20,146 shares of the company’s stock, valued at $2,330,287.82. This trade represents a 10.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm’s stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the sale, the executive vice president directly owned 275,067 shares of the company’s stock, valued at approximately $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,946 shares of company stock worth $32,306,159 in the last ninety days. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Micron Technology by 1.9% during the second quarter. Vanguard Group Inc. now owns 103,879,662 shares of the semiconductor manufacturer’s stock worth $12,803,168,000 after acquiring an additional 1,973,294 shares during the period. State Street Corp increased its position in shares of Micron Technology by 2.7% during the second quarter. State Street Corp now owns 51,373,591 shares of the semiconductor manufacturer’s stock worth $6,331,795,000 after acquiring an additional 1,349,713 shares during the period. Geode Capital Management LLC increased its position in shares of Micron Technology by 1.2% during the second quarter. Geode Capital Management LLC now owns 25,690,491 shares of the semiconductor manufacturer’s stock worth $3,152,974,000 after acquiring an additional 314,489 shares during the period. Norges Bank purchased a new position in shares of Micron Technology during the second quarter worth approximately $1,980,700,000. Finally, Goldman Sachs Group Inc. raised its stake in Micron Technology by 23.8% in the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer’s stock worth $922,467,000 after buying an additional 2,038,641 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.