Micron Technology (NASDAQ:MU – Free Report) had its price target increased by TD Cowen from $125.00 to $150.00 in a research note issued to investors on Thursday, MarketBeat reports. They currently have a buy rating on the semiconductor manufacturer’s stock.
MU has been the topic of a number of other research reports. JPMorgan Chase & Co. reduced their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Royal Bank Of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. Wells Fargo & Company raised shares of Micron Technology from a “hold” rating to a “strong-buy” rating and boosted their price target for the company from $130.00 to $150.00 in a research report on Friday, June 20th. China Renaissance cut shares of Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research report on Wednesday, March 26th. Finally, Barclays reduced their target price on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $144.67.
Micron Technology Price Performance
Micron Technology (NASDAQ:MU – Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.88%. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, equities analysts predict that Micron Technology will post 6.08 earnings per share for the current fiscal year.
Micron Technology Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology’s payout ratio is 11.03%.
Insider Activity at Micron Technology
In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the sale, the director now directly owns 24,954 shares in the company, valued at $1,996,320. This represents a 8.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the completion of the transaction, the executive vice president now directly owns 148,167 shares of the company’s stock, valued at $18,538,655.04. This represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 72,404 shares of company stock worth $8,509,167 in the last three months. 0.30% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Micron Technology by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer’s stock valued at $8,854,644,000 after buying an additional 2,049,163 shares during the period. FMR LLC raised its holdings in Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after acquiring an additional 12,249,341 shares in the last quarter. Capital World Investors lifted its stake in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. Geode Capital Management LLC grew its holdings in Micron Technology by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock worth $2,052,973,000 after acquiring an additional 726,282 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $1,470,875,000. 80.84% of the stock is owned by institutional investors and hedge funds.
About Micron Technology
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.
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