Micron Technology, Inc. (NASDAQ:MU) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Micron Technology, Inc. (NASDAQ:MU) has received a consensus rating of “Moderate Buy” from the twenty-eight research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-six have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $143.04.

MU has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. Robert W. Baird reduced their price objective on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, September 27th. Morgan Stanley raised their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Bank of America upped their target price on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company decreased their target price on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently made changes to their positions in MU. Dantai Capital Ltd increased its position in shares of Micron Technology by 25.0% during the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock worth $2,380,000 after purchasing an additional 4,590 shares in the last quarter. Franklin Resources Inc. lifted its position in Micron Technology by 4.6% during the 3rd quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock worth $789,054,000 after acquiring an additional 321,955 shares during the period. Peapack Gladstone Financial Corp increased its holdings in shares of Micron Technology by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock valued at $1,359,000 after purchasing an additional 411 shares during the period. Synovus Financial Corp lifted its holdings in shares of Micron Technology by 58.8% during the third quarter. Synovus Financial Corp now owns 21,859 shares of the semiconductor manufacturer’s stock worth $2,267,000 after purchasing an additional 8,095 shares during the period. Finally, Tidal Investments LLC raised its position in Micron Technology by 0.4% during the 3rd quarter. Tidal Investments LLC now owns 106,840 shares of the semiconductor manufacturer’s stock worth $11,080,000 after buying an additional 420 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Up 0.3 %

NASDAQ:MU opened at $101.17 on Friday. The firm has a market capitalization of $112.71 billion, a price-to-earnings ratio of 148.78 and a beta of 1.16. Micron Technology has a 1-year low of $72.99 and a 1-year high of $157.54. The business’s 50-day moving average price is $103.79 and its two-hundred day moving average price is $110.81. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same period in the previous year, the firm earned ($1.21) EPS. Micron Technology’s quarterly revenue was up 93.3% compared to the same quarter last year. On average, equities analysts expect that Micron Technology will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s payout ratio is 67.65%.

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.