Wedbush Reiterates “Outperform” Rating for Micron Technology (NASDAQ:MU)

Wedbush restated their outperform rating on shares of Micron Technology (NASDAQ:MU) in a report published on Thursday morning, Benzinga reports. Wedbush currently has a $140.00 target price on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently weighed in on MU. Mizuho increased their price target on Micron Technology from $150.00 to $155.00 and gave the stock a buy rating in a report on Friday, May 31st. Robert W. Baird raised their target price on Micron Technology from $150.00 to $172.00 and gave the company an outperform rating in a report on Monday, June 24th. Piper Sandler raised their target price on Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a report on Thursday, June 27th. Stifel Nicolaus reduced their target price on Micron Technology from $165.00 to $135.00 and set a buy rating for the company in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. raised their target price on Micron Technology from $130.00 to $180.00 and gave the company an overweight rating in a report on Thursday, June 27th. One research 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. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $144.38.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $107.50 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The stock has a fifty day moving average price of $97.63 and a 200 day moving average price of $114.96. Micron Technology has a 1-year low of $63.83 and a 1-year high of $157.54. The company has a market cap of $119.20 billion, a PE ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the company earned ($1.21) earnings per share. The company’s revenue for the quarter was up 93.3% on a year-over-year basis. Sell-side analysts forecast that Micron Technology will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Institutional Trading of Micron Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology during the 1st quarter worth about $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology during the 4th quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology during the 2nd quarter worth about $28,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Micron Technology during the 4th quarter worth about $29,000. Finally, Valued Wealth Advisors LLC grew its holdings in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 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.