Micron Technology (NASDAQ:MU) Now Covered by Analysts at Itau BBA Securities

Itau BBA Securities initiated coverage on shares of Micron Technology (NASDAQ:MU) in a report issued on Tuesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $249.00 target price on the semiconductor manufacturer’s stock.

Other analysts also recently issued reports about the stock. Raymond James Financial increased their price target on shares of Micron Technology from $150.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Erste Group Bank initiated coverage on shares of Micron Technology in a report on Thursday, August 14th. They issued a “buy” rating for the company. Susquehanna increased their price target on shares of Micron Technology from $160.00 to $200.00 and gave the company a “positive” rating in a report on Wednesday, September 17th. Wedbush raised their price objective on shares of Micron Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Finally, Rosenblatt Securities raised their price objective on shares of Micron Technology from $200.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $189.37.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $185.69 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79. Micron Technology has a fifty-two week low of $61.54 and a fifty-two week high of $201.00. The firm has a fifty day moving average price of $137.96 and a two-hundred day moving average price of $112.01. The company has a market cap of $208.43 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 0.42 and a beta of 1.56.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be issued a $0.115 dividend. 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 0.2%. Micron Technology’s dividend payout ratio is 6.06%.

Insider Activity at Micron Technology

In other news, Director Richard M. Beyer sold 5,552 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $155.68, for a total value of $864,335.36. Following the completion of the transaction, the director owned 96,031 shares of the company’s stock, valued at approximately $14,950,106.08. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 21,563 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $188.47, for a total value of $4,063,978.61. Following the completion of the transaction, the chief executive officer directly owned 272,648 shares of the company’s stock, valued at $51,385,968.56. This represents a 7.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 146,956 shares of company stock worth $22,841,025 over the last three months. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Micron Technology by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 103,879,662 shares of the semiconductor manufacturer’s stock valued at $12,803,168,000 after purchasing an additional 1,973,294 shares during the period. State Street Corp increased its position in Micron Technology by 2.7% during the 2nd quarter. State Street Corp now owns 51,373,591 shares of the semiconductor manufacturer’s stock valued at $6,331,795,000 after purchasing an additional 1,349,713 shares during the period. Geode Capital Management LLC increased its position in Micron Technology by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 25,690,491 shares of the semiconductor manufacturer’s stock valued at $3,152,974,000 after purchasing an additional 314,489 shares during the period. Norges Bank acquired a new stake in Micron Technology during the 2nd quarter valued at approximately $1,980,700,000. Finally, Goldman Sachs Group Inc. increased its position in Micron Technology by 23.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer’s stock valued at $922,467,000 after purchasing an additional 2,038,641 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.