Micron Technology, Inc. (NASDAQ:MU – Get Rating) has received an average rating of “Moderate Buy” from the 32 research firms currently covering the company, reports Marketbeat.com. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. The average 1-year target price among brokers who have issued a report on the stock in the last year is $71.52.
Several brokerage firms have recently issued reports on MU. Loop Capital began reporting on Micron Technology stock in a report on Thursday, October 13. They put a “buy” rating on the stock and a price target of $70.00. Bank of America lowered its target price on Micron Technology shares to $58.00 from $62.00 and rated the company at “neutral” in a research report on Friday, September 30. BNP Paribas assumed coverage of Micron Technology shares in a report on Tuesday, September 13th. They set an “outperform” rating and a price target of $75.00 for the stock. Piper Sandler lowered his price target on Micron Technology to $45.00 from $50.00 and gave the stock an “underweight” rating in a research note on Friday, September 30. Finally, in a report on Friday, July 1, Cowen lowered its target price on Micron Technology shares to $70.00 from $90.00 and gave the company a “higher than average” rating.
Insider activity at Micron Technology
In other Micron Technology news, on Tuesday, August 16, SVP Michael W. Bokan sold 16,600 shares of the company’s stock in a transaction. The shares were sold at an average price of $63.82 for a total transaction of $1,059,412.00. Upon closing of the transaction, the senior vice president now owns 119,126 shares of the company, valued at approximately $7,602,621.32. The sale was disclosed in a legal filing with the SEC, which can be accessed at this link. 0.32% of the shares are currently owned by insiders.
Institutional trading in Micron technology
Institutional investors and hedge funds recently changed their holdings in the company. Ritholtz Wealth Management increased its stake in Micron Technology by 3.0% in the first quarter. Ritholtz Wealth Management now owns 6,520 shares of the $508,000 semiconductor maker after buying another 187 shares last quarter. Neuberger Berman Group LLC increased its stake in Micron Technology by 293.5% in the first quarter. Neuberger Berman Group LLC now owns 1,854,494 shares of the semiconductor manufacturer’s stock valued at $144,464,000 after purchasing an additional 1,383,268 shares last quarter. Dupont Capital Management Corp increased its position in Micron Technology by 118.1% in the second quarter. Dupont Capital Management Corp now owns 21,775 shares of the semiconductor maker, valued at $1,204,000, after buying an additional 11,789 shares last quarter. Cooper Financial Group increased its holdings of Micron Technology stock by 18.4% in the first quarter. Cooper Financial Group now owns 2,922 shares of the semiconductor maker, valued at $228,000, after purchasing an additional 454 shares last quarter. Finally, Cetera Advisors LLC increased its holdings of Micron Technology stock by 9.3% during the first quarter. Cetera Advisors LLC now owns 40,237 shares of the semiconductor maker’s stock valued at $3,134,000 after purchasing an additional 3,433 shares last quarter. Hedge funds and other institutional investors own 79.66% of the company’s shares.
Micron Technology shares up 3.5%
Shares of MU stock opened at $55.60 on Monday. The stock has a market cap of $60.45 billion, a P/E of 7.19 and a beta of 1.29. The company has a debt to equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.01. Micron Technology has a yearly low of $48.45 and a yearly high of $98.45. The stock has a 50-day moving average price of $54.91 and a 200-day moving average price of $61.49.
Micron Technology (NASDAQ:MU – Get Rating) last released its quarterly earnings results on Thursday, September 29th. The semiconductor maker reported earnings per share of $1.45 for the quarter, beating analysts’ consensus estimate of $1.41 by $0.04. Micron Technology had a net margin of 28.24% and a return on equity of 18.75%. The company had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.78 billion. In the same quarter last year, the company reported earnings per share of $2.37. Micron Technology’s quarterly revenue decreased 19.7% compared to the same quarter last year. Analysts are forecasting that Micron Technology will report earnings per share of -0.22 for the current year.
Micron Technology announces dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Tuesday, October 11 will receive a dividend of $0.115. The ex-dividend date of this dividend is Friday October 7th. That equates to an annual dividend of $0.46 and a yield of 0.83%. Micron Technology’s payout ratio is currently 5.95%.
About Micron Technology
Micron Technology, Inc designs, develops, manufactures and sells memory and data 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 offers memory and storage technologies including DRAM products, which are low-latency dynamic random access memory semiconductor devices that enable high-speed data retrieval; NAND products, which are non-volatile and rewritable semiconductor memory devices; and NOR memory products, which are non-volatile, rewritable, solid-state memory devices that offer fast read speeds under Micron, Crucial, and private labels.
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