Micron Technology (NASDAQ:MU) Price Target Raised to $220.00 at Wells Fargo & Company

Micron Technology (NASDAQ:MU) had its target price hoisted by Wells Fargo & Company from $170.00 to $220.00 in a report issued on Wednesday, MarketBeat reports. Wells Fargo & Company currently has an overweight rating on the semiconductor manufacturer’s stock.

MU has been the subject of several other research reports. Rosenblatt Securities increased their price objective on shares of Micron Technology from $200.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday. Robert W. Baird increased their price objective on shares of Micron Technology from $163.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 27th. Wedbush increased their price objective on shares of Micron Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. Wall Street Zen downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. Finally, The Goldman Sachs Group began coverage on shares of Micron Technology in a research report on Thursday, July 10th. They issued a “neutral” rating and a $130.00 price objective for the company. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $184.77.

Micron Technology Trading Down 2.8%

NASDAQ MU opened at $161.71 on Wednesday. Micron Technology has a one year low of $61.54 and a one year high of $170.45. The company’s 50 day moving average price is $126.57 and its 200 day moving average price is $107.07. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. 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 (NASDAQ:MU) last posted 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 22.84% and a return on equity of 17.69%. The firm had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same quarter last year, the firm posted $0.62 earnings per share. On average, sell-side analysts predict that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on 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 transaction, the director owned 20,146 shares of the company’s stock, valued at $2,330,287.82. The trade was a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sanjay Mehrotra sold 13,798 shares of Micron Technology stock in a transaction on Friday, September 19th. The stock was sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the completion of the transaction, the chief executive officer directly owned 325,148 shares of the company’s stock, valued at approximately $52,739,005.60. This represents a 4.07% 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 over the last three months. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently added to or reduced their stakes in the business. First Command Advisory Services Inc. boosted its holdings in Micron Technology by 225.0% in the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer’s stock worth $27,000 after purchasing an additional 153 shares during the period. Howard Hughes Medical Institute acquired a new position in Micron Technology in the second quarter worth $30,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology in the first quarter worth $33,000. AlphaQuest LLC boosted its holdings in Micron Technology by 13,250.0% in the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 265 shares during the period. Finally, WealthCollab LLC boosted its holdings in Micron Technology by 4,500.0% in the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 270 shares during the period. 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.