Sanford C. Bernstein Cuts Micron Technology (NASDAQ:MU) Price Target to $120.00

Micron Technology (NASDAQ:MU) had its price target reduced by Sanford C. Bernstein from $140.00 to $120.00 in a report released on Wednesday,Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the semiconductor manufacturer’s stock.

MU has been the subject of several other research reports. Morgan Stanley upped their price target on shares of Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. TD Cowen increased their target price on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Raymond James upped their price objective on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Stifel Nicolaus reiterated a “buy” rating and issued a $135.00 target price on shares of Micron Technology in a research note on Friday, December 13th. Finally, KeyCorp decreased their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $132.26.

Micron Technology Stock Performance

Micron Technology stock opened at $90.12 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The company has a market capitalization of $100.40 billion, a PE ratio of 132.53 and a beta of 1.16. The company has a 50 day moving average price of $103.14 and a 200-day moving average price of $108.67. Micron Technology has a fifty-two week low of $79.15 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.95) EPS. As a group, equities analysts forecast that Micron Technology will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Monday, December 30th. Micron Technology’s payout ratio is presently 13.26%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently bought and sold shares of the business. Ameritas Advisory Services LLC lifted its holdings in Micron Technology by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after purchasing an additional 98 shares in the last quarter. Stonebrook Private Inc. lifted its stake in Micron Technology by 4.2% in the 3rd quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after buying an additional 98 shares in the last quarter. LRI Investments LLC boosted its holdings in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the last quarter. John G Ullman & Associates Inc. boosted its holdings in Micron Technology by 2.5% in the 3rd quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock worth $421,000 after buying an additional 100 shares during the last quarter. Finally, Cornerstone Wealth Group LLC increased its stake in Micron Technology by 5.6% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock worth $257,000 after buying an additional 103 shares in the last quarter. Hedge funds and other institutional investors 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.