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

Micron Technology (NASDAQ:MU) had its target price lowered by TD Cowen from $160.00 to $115.00 in a report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other research firms also recently commented on MU. Wedbush reiterated an outperform rating and issued a $170.00 price target on shares of Micron Technology in a research note on Thursday, June 27th. Bank of America lifted their target price on Micron Technology from $144.00 to $170.00 and gave the stock a buy rating in a research report on Monday, June 17th. BNP Paribas lowered Micron Technology from an outperform rating to an underperform rating and dropped their price target for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Citigroup decreased their price objective on shares of Micron Technology from $175.00 to $150.00 and set a buy rating for the company in a report on Tuesday, September 17th. Finally, Piper Sandler increased their target price on shares of Micron Technology from $130.00 to $150.00 and gave the stock an overweight rating in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $145.65.

Micron Technology Stock Performance

Shares of MU opened at $90.90 on Thursday. 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 company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $99.81 and its two-hundred day moving average is $114.70. Micron Technology has a 52-week low of $63.83 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the prior year, the company posted ($1.57) earnings per share. Analysts forecast that Micron Technology will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently bought and sold shares of the company. Tidemark LLC acquired a new stake in shares of Micron Technology during the fourth quarter valued at approximately $25,000. DecisionPoint Financial LLC acquired a new stake in Micron Technology during the 1st quarter valued at $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the second quarter worth $28,000. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at $29,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.