Piper Sandler Has Lowered Expectations for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its target price trimmed by Piper Sandler from $150.00 to $120.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus cut their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday. Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of Micron Technology in a research note on Wednesday. TD Cowen decreased their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. cut their price objective on Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Citigroup decreased their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $135.24.

Micron Technology Trading Up 3.5 %

Shares of MU stock opened at $90.12 on Thursday. Micron Technology has a twelve month low of $79.15 and a twelve month high of $157.54. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $103.14 and its two-hundred day moving average is $108.54. The company has a market capitalization of $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. Micron Technology’s revenue was up 84.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.95) EPS. Equities analysts forecast that Micron Technology will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Buying and Selling at Micron Technology

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MU. State Street Corp raised its position in Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Primecap Management Co. CA grew its stake in shares of Micron Technology by 0.6% in the third quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock valued at $3,902,800,000 after buying an additional 206,499 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Micron Technology by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer’s stock valued at $2,451,987,000 after buying an additional 892,607 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Micron Technology by 21.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after acquiring an additional 2,022,180 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after acquiring an additional 2,477,985 shares during the period. 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.