Rosenblatt Securities Raises Micron Technology (NASDAQ:MU) Price Target to $250.00

Micron Technology (NASDAQ:MU) had its price target boosted by Rosenblatt Securities from $225.00 to $250.00 in a research report released on Thursday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also recently weighed in on MU. TD Cowen lifted their price objective on Micron Technology from $115.00 to $135.00 and gave the company a buy rating in a report on Thursday. Bank of America lifted their price target on Micron Technology from $110.00 to $125.00 and gave the company a buy rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on Micron Technology from $130.00 to $180.00 and gave the company an overweight rating in a research note on Thursday, June 27th. Citigroup decreased their price target on Micron Technology from $175.00 to $150.00 and set a buy rating on the stock in a research note on Tuesday, September 17th. Finally, Susquehanna decreased their price target on Micron Technology from $175.00 to $165.00 and set a positive rating on the stock in a research note on Thursday. One equities 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 stock. According to MarketBeat.com, Micron Technology presently has an average rating of Moderate Buy and an average price target of $144.38.

Micron Technology Stock Performance

NASDAQ:MU opened at $107.50 on Thursday. The stock has a market cap of $119.20 billion, a P/E ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17. The stock has a 50 day simple moving average of $97.63 and a 200 day simple moving average of $114.69. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. Micron Technology has a 1-year low of $63.83 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU) last released 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. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same period last year, the firm posted ($1.21) EPS. Research analysts anticipate that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis 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 currently -32.39%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Clearbridge Investments LLC increased its holdings in Micron Technology by 1.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after purchasing an additional 20,741 shares in the last quarter. Chapin Davis Inc. bought a new stake in Micron Technology during the 2nd quarter worth approximately $4,056,000. Norden Group LLC increased its holdings in Micron Technology by 1,916.7% during the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares in the last quarter. Gulf International Bank UK Ltd increased its holdings in Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares in the last quarter. Finally, Westwood Holdings Group Inc. bought a new stake in Micron Technology during the 1st quarter worth approximately $8,558,000. 80.84% of the stock is 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.