Micron Technology (NASDAQ:MU) Given New $135.00 Price Target at Stifel Nicolaus

Micron Technology (NASDAQ:MU) had its price target reduced by Stifel Nicolaus from $165.00 to $135.00 in a research note published on Thursday, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also recently weighed in on MU. Wedbush restated an outperform rating and set a $170.00 price objective on shares of Micron Technology in a research report on Thursday, June 27th. Susquehanna decreased their price target on shares of Micron Technology from $185.00 to $175.00 and set a positive rating on the stock in a research note on Thursday, August 22nd. JPMorgan Chase & Co. lifted their price objective on Micron Technology from $130.00 to $180.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Rosenblatt Securities reissued a buy rating and set a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. Finally, BNP Paribas lowered Micron Technology from an outperform rating to an underperform rating and lowered their price target for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has an average rating of Moderate Buy and a consensus target price of $145.65.

Micron Technology Trading Up 1.8 %

MU stock opened at $90.90 on Thursday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a 52-week low of $63.83 and a 52-week high of $157.54. The company’s 50-day simple moving average is $99.81 and its 200-day simple moving average is $114.83. The firm has a market cap of $100.79 billion, a P/E ratio of -64.01 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same period last year, the company earned ($1.57) earnings per share. As a group, equities analysts forecast that Micron Technology will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently made changes to their positions in MU. Vanguard Group Inc. lifted its stake in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after acquiring an additional 1,681,815 shares in the last quarter. Capital World Investors lifted its position in shares of Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after purchasing an additional 1,400,154 shares in the last quarter. Sanders Capital LLC boosted its stake in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares during the period. Capital International Investors grew its holdings in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after purchasing an additional 2,397,885 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

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.