Micron Technology (NASDAQ:MU) Price Target Raised to $160.00 at TD Cowen

Micron Technology (NASDAQ:MU) had its price target lifted by TD Cowen from $150.00 to $160.00 in a research report released on Thursday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently weighed in on the company. Cantor Fitzgerald upped their price objective on Micron Technology from $150.00 to $180.00 and gave the stock an overweight rating in a research note on Monday, June 17th. StockNews.com upgraded Micron Technology from a sell rating to a hold rating in a research note on Friday, March 22nd. Wedbush upped their price objective on Micron Technology from $130.00 to $170.00 and gave the stock an outperform rating in a research note on Tuesday, June 18th. Raymond James upped their price objective on Micron Technology from $130.00 to $160.00 and gave the stock an outperform rating in a research note on Friday, June 21st. Finally, Robert W. Baird upped their price objective on Micron Technology from $150.00 to $172.00 and gave the stock an outperform rating in a research note on Monday, June 24th. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology has an average rating of Moderate Buy and a consensus target price of $158.52.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $131.53 on Thursday. The stock’s fifty day moving average is $128.07 and its two-hundred day moving average is $106.46. The company has a market capitalization of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a 52 week low of $60.50 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the prior year, the company posted ($1.57) EPS. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. As a group, analysts expect that Micron Technology will post 0.39 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be given a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Micron Technology news, EVP Sumit Sadana sold 12,000 shares of Micron Technology stock in a transaction on Monday, May 13th. The stock was sold at an average price of $123.01, for a total value of $1,476,120.00. Following the sale, the executive vice president now owns 218,048 shares in the company, valued at $26,822,084.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. Insiders have sold a total of 304,840 shares of company stock worth $37,961,924 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tidemark LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $25,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology in the first quarter valued at $25,000. Pingora Partners LLC acquired a new position in Micron Technology during the 4th quarter worth $26,000. Frank Rimerman Advisors LLC acquired a new position in Micron Technology during the 4th quarter worth $29,000. Finally, Valued Wealth Advisors LLC grew its stake in 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 in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.