Micron Technology (NASDAQ:MU) Price Target Cut to $56.00 by Analysts at Morgan Stanley

Micron Technology (NASDAQ:MUGet Rating) had its price target trimmed by Morgan Stanley from $83.00 to $56.00 in a research note issued to investors on Tuesday, The Fly reports. The brokerage currently has an equal weight rating on the semiconductor manufacturer’s stock.

MU has been the subject of a number of other research reports. Summit Insights downgraded Micron Technology from a buy rating to a hold rating in a research note on Sunday, June 12th. Citigroup cut their price target on Micron Technology from $120.00 to $100.00 and set a neutral rating for the company in a research note on Monday, June 6th. Sanford C. Bernstein upgraded Micron Technology from a market perform rating to an outperform rating and set a $94.00 price target for the company in a research note on Wednesday, March 16th. Rosenblatt Securities reiterated a buy rating and set a $165.00 price target on shares of Micron Technology in a research note on Wednesday, March 30th. Finally, StockNews.com downgraded Micron Technology from a strong-buy rating to a buy rating in a research note on Tuesday, June 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $111.17.

Shares of NASDAQ:MU opened at $56.80 on Tuesday. The company has a quick ratio of 2.33, a current ratio of 3.11 and a debt-to-equity ratio of 0.15. Micron Technology has a twelve month low of $53.60 and a twelve month high of $98.45. The stock’s 50 day moving average is $68.39 and its 200-day moving average is $79.23. The firm has a market capitalization of $63.43 billion, a price-to-earnings ratio of 7.14, a PEG ratio of 0.19 and a beta of 1.17.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.20. The business had revenue of $7.79 billion during the quarter, compared to analyst estimates of $7.53 billion. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. Micron Technology’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. Equities research analysts anticipate that Micron Technology will post 9.15 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 26th. Stockholders of record on Monday, April 11th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, April 8th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.70%. Micron Technology’s dividend payout ratio is currently 5.03%.

In related news, SVP April S. Arnzen sold 5,600 shares of Micron Technology stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $76.00, for a total transaction of $425,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.32% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the business. Concorde Financial Corp purchased a new position in Micron Technology during the fourth quarter valued at $27,000. Selective Wealth Management Inc. purchased a new position in Micron Technology during the fourth quarter valued at $28,000. SOA Wealth Advisors LLC. raised its stake in Micron Technology by 144.9% during the first quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Sterling Investment Advisors Ltd. raised its stake in shares of Micron Technology by 600.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 350 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 300 shares during the last quarter. Finally, Vectors Research Management LLC raised its stake in shares of Micron Technology by 60.3% in the fourth quarter. Vectors Research Management LLC now owns 372 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 80.35% of the company’s stock.

About Micron Technology (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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