Micron Technology (NASDAQ:MU) Price Target Raised to $125.00

Micron Technology (NASDAQ:MU) had its price objective boosted by Bank of America from $110.00 to $125.00 in a report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently weighed in on the stock. Citigroup reduced their price objective on shares of Micron Technology from $175.00 to $150.00 and set a buy rating for the company in a report on Tuesday, September 17th. Morgan Stanley upped their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the stock an equal weight rating in a report on Thursday. BNP Paribas downgraded shares of Micron Technology from an outperform rating to an underperform rating and reduced their price objective for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Piper Sandler upped their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Finally, Robert W. Baird upped their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the stock an outperform rating in a report on Monday, June 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $144.38.

Micron Technology Stock Down 2.2 %

Micron Technology stock opened at $107.50 on Thursday. The company has a 50-day simple moving average of $97.63 and a 200-day simple moving average of $114.69. The firm has a market capitalization of $119.20 billion, a P/E ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology has a one year low of $63.83 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s quarterly revenue was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.21) earnings per share. As a group, equities analysts expect that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio is -32.39%.

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in the business. Paragon Capital Management Inc. acquired a new position in Micron Technology in the second quarter worth approximately $2,309,000. Centaurus Financial Inc. increased its holdings in Micron Technology by 13.2% in the second quarter. Centaurus Financial Inc. now owns 13,293 shares of the semiconductor manufacturer’s stock worth $1,748,000 after buying an additional 1,554 shares during the last quarter. SS&H Financial Advisors Inc. increased its holdings in Micron Technology by 3.2% in the second quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after buying an additional 650 shares during the last quarter. Heritage Wealth Management Inc. acquired a new position in Micron Technology in the second quarter worth approximately $445,000. Finally, Sanctuary Advisors LLC acquired a new position in Micron Technology in the second quarter worth approximately $5,306,000. 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.