Rosenblatt Securities Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective upped by Rosenblatt Securities from $200.00 to $250.00 in a research note published on Wednesday, Marketbeat reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other research firms have also commented on MU. Erste Group Bank began coverage on shares of Micron Technology in a research note on Thursday, August 14th. They set a “buy” rating on the stock. Mizuho lifted their target price on shares of Micron Technology from $155.00 to $182.00 and gave the stock an “outperform” rating in a report on Tuesday, September 16th. Wolfe Research lifted their target price on shares of Micron Technology from $160.00 to $180.00 and gave the stock an “outperform” rating in a report on Wednesday, September 17th. Wells Fargo & Company lifted their target price on shares of Micron Technology from $150.00 to $170.00 and gave the stock an “overweight” rating in a report on Thursday, June 26th. Finally, Wedbush lifted their target price on shares of Micron Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, September 18th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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 has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The company’s 50-day simple moving average is $126.57 and its 200 day simple moving average is $107.07. The firm has a market capitalization of $180.97 billion, a P/E ratio of 21.31 and a beta of 1.47.

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. Micron Technology had a net margin of 22.84% and a return on equity of 17.69%. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the previous year, the firm posted $0.62 earnings per share. As a group, analysts forecast that Micron Technology will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology’s dividend payout ratio is currently 8.29%.

Insiders Place Their Bets

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the transaction, the executive vice president directly owned 201,326 shares in the company, valued at $25,264,399.74. This represents a 31.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the transaction, the director owned 22,762 shares of the company’s stock, valued at approximately $2,848,664.30. The trade was a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,946 shares of company stock valued at $32,306,159. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Command Advisory Services Inc. boosted its position 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 acquiring an additional 153 shares during the last quarter. Howard Hughes Medical Institute bought a new position in shares of Micron Technology during the second quarter worth $30,000. AlphaQuest LLC raised its stake in Micron Technology by 13,250.0% during the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 265 shares in the last quarter. WealthCollab LLC raised its stake in Micron Technology by 4,500.0% during the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 270 shares in the last quarter. Finally, Hilltop National Bank purchased a new stake in Micron Technology during the second quarter valued at $37,000. Institutional investors 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.