Micron Technology (NASDAQ:MU) PT Lowered to $115.00 at TD Cowen

Micron Technology (NASDAQ:MU) had its target price cut by TD Cowen from $160.00 to $115.00 in a report released on Thursday, Marketbeat reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also recently issued reports on the stock. UBS Group cut their target price on shares of Micron Technology from $153.00 to $135.00 and set a buy rating on the stock in a report on Tuesday, September 17th. Cantor Fitzgerald boosted their price objective on Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a research report on Monday, June 17th. Wedbush restated an outperform rating and set a $170.00 price objective on shares of Micron Technology in a research note on Thursday, June 27th. Rosenblatt Securities reiterated a buy rating and issued a $225.00 target price on shares of Micron Technology in a research note on Tuesday, June 25th. Finally, Wolfe Research upped their price target 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. One research 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. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $145.65.

Micron Technology Price Performance

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

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

Micron Technology Announces Dividend

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

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. SS&H Financial Advisors Inc. increased its stake in Micron Technology by 3.2% in the 2nd quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after purchasing an additional 650 shares in the last quarter. Heritage Wealth Management Inc. purchased a new position in shares of Micron Technology in the second quarter worth approximately $445,000. Sanctuary Advisors LLC acquired a new stake in shares of Micron Technology during the second quarter valued at approximately $5,306,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $92,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Micron Technology in the 2nd quarter worth approximately $39,000. 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.