Needham & Company LLC Boosts Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price target upped by Needham & Company LLC from $120.00 to $150.00 in a research report report published on Thursday, MarketBeat reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

MU has been the subject of several other research reports. Fox Advisors upgraded shares of Micron Technology from an equal weight rating to an overweight rating in a research report on Thursday, March 21st. TD Cowen boosted their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the stock an outperform rating in a research report on Thursday, March 21st. Cantor Fitzgerald boosted their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the stock an overweight rating in a research report on Monday, June 17th. Mizuho boosted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a buy rating in a research report on Friday, May 31st. Finally, Wolfe Research boosted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $158.52.

Micron Technology Stock Performance

NASDAQ:MU opened at $131.53 on Thursday. Micron Technology has a 1 year low of $60.50 and a 1 year high of $157.54. The firm has a 50 day moving average of $128.07 and a 200-day moving average of $106.46. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the company posted ($1.57) earnings per share. Micron Technology’s quarterly revenue was up 81.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Micron Technology will post 0.39 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the transaction, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the transaction, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders sold 304,840 shares of company stock valued at $37,961,924 in the last quarter. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MU. Atria Investments Inc lifted its position in Micron Technology by 0.3% during the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in Micron Technology by 1.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after buying an additional 98 shares in the last quarter. Retirement Group LLC lifted its position in Micron Technology by 37.3% during the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 100 shares in the last quarter. AIA Group Ltd lifted its position in Micron Technology by 2.1% during the 1st quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock worth $568,000 after buying an additional 101 shares in the last quarter. Finally, Manchester Capital Management LLC lifted its position in Micron Technology by 5.2% during the 1st quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock worth $250,000 after buying an additional 104 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.