Micron Technology (NASDAQ:MU) Price Target Cut to $165.00

Micron Technology (NASDAQ:MU) had its price target reduced by Susquehanna from $175.00 to $165.00 in a research note released on Thursday, Benzinga reports. Susquehanna currently has a positive rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also recently issued reports on MU. TD Cowen lifted their target price on Micron Technology from $115.00 to $135.00 and gave the stock a buy rating in a report on Thursday. Cantor Fitzgerald lifted their target price on Micron Technology from $150.00 to $180.00 and gave the stock an overweight rating in a report on Monday, June 17th. Morgan Stanley decreased their target price on Micron Technology from $140.00 to $100.00 and set an equal weight rating for the company in a research report on Monday, September 16th. BNP Paribas cut Micron Technology from an outperform rating to an underperform rating and decreased their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Rosenblatt Securities reaffirmed a buy rating and issued a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $144.38.

Micron Technology Stock Down 2.2 %

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

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion for 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 company’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.21) EPS. Equities analysts expect that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently modified their holdings of the stock. Paragon Capital Management Inc. bought a new position in Micron Technology during the second quarter worth about $2,309,000. Centaurus Financial Inc. grew its holdings in Micron Technology by 13.2% during the second quarter. Centaurus Financial Inc. now owns 13,293 shares of the semiconductor manufacturer’s stock worth $1,748,000 after purchasing an additional 1,554 shares during the period. SS&H Financial Advisors Inc. grew its holdings in Micron Technology by 3.2% during the second 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 during the period. Heritage Wealth Management Inc. bought a new position in Micron Technology during the second quarter worth about $445,000. Finally, Sanctuary Advisors LLC bought a new position in Micron Technology during the second quarter worth about $5,306,000. 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.