Micron Technology (NASDAQ:MU) Price Target Raised to $200.00 at Needham & Company LLC

Micron Technology (NASDAQ:MU) had its price objective hoisted by Needham & Company LLC from $150.00 to $200.00 in a research report report published on Wednesday, MarketBeat Ratings reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also issued reports on MU. 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 report on Thursday, September 18th. Erste Group Bank assumed coverage on shares of Micron Technology in a report on Thursday, August 14th. They set a “buy” rating on the stock. TD Cowen upped their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company a “buy” rating in a report on Friday, September 19th. Raymond James Financial upped their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, June 26th. Finally, Morgan Stanley upped their price objective on shares of Micron Technology from $135.00 to $160.00 and gave the company an “equal weight” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $184.77.

Micron Technology Price Performance

MU stock opened at $161.71 on Wednesday. The firm has a market cap of $180.97 billion, a price-to-earnings ratio of 21.31 and a beta of 1.47. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology has a 12-month low of $61.54 and a 12-month high of $170.45. The company’s fifty day simple moving average is $126.57 and its 200 day simple moving average is $107.07.

Micron Technology (NASDAQ:MU) last released 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. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 22.84% and a return on equity of 17.69%. During the same quarter in the previous year, the business earned $0.62 earnings per share. On average, analysts expect that Micron Technology will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Friday, October 3rd. Micron Technology’s dividend payout ratio is currently 8.29%.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 13,798 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total value of $2,238,035.60. Following the sale, the chief executive officer owned 325,148 shares in the company, valued at $52,739,005.60. This represents a 4.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction dated 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 owned 20,146 shares in the company, valued at $2,330,287.82. This represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 255,946 shares of company stock worth $32,306,159. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the company. RS Crum Inc. bought a new stake in Micron Technology in the 2nd quarter worth about $246,000. Caldwell Trust Co bought a new stake in Micron Technology in the 2nd quarter worth about $43,000. Valeo Financial Advisors LLC grew its position in Micron Technology by 15.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 10,750 shares of the semiconductor manufacturer’s stock worth $1,325,000 after purchasing an additional 1,447 shares in the last quarter. Silicon Valley Capital Partners grew its position in Micron Technology by 56.1% in the 2nd quarter. Silicon Valley Capital Partners now owns 5,583 shares of the semiconductor manufacturer’s stock worth $688,000 after purchasing an additional 2,006 shares in the last quarter. Finally, WT Wealth Management bought a new stake in Micron Technology in the 2nd quarter worth about $260,000. 80.84% of the stock is owned by institutional investors.

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.