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

Micron Technology (NASDAQ:MU) had its price target lifted by KeyCorp from $160.00 to $165.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other brokerages also recently commented on MU. Bank of America raised their price objective on Micron Technology from $144.00 to $170.00 and gave the stock a buy rating in a research report on Monday, June 17th. Citigroup raised their price objective on Micron Technology from $150.00 to $175.00 and gave the stock a buy rating in a research report on Monday, June 24th. TD Cowen increased their target price on Micron Technology from $150.00 to $160.00 and gave the stock a buy rating in a report on Thursday, June 27th. Rosenblatt Securities reissued a buy rating and issued a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. Finally, Stifel Nicolaus increased their target price on Micron Technology from $140.00 to $165.00 and gave the stock a buy rating in a report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $158.72.

Micron Technology Stock Performance

MU opened at $133.55 on Tuesday. The company has a market cap of $148.09 billion, a PE ratio of -94.05 and a beta of 1.18. The stock has a 50-day moving average of $132.22 and a 200-day moving average of $109.62. Micron Technology has a 52-week low of $61.75 and a 52-week high of $157.54. 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 released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping 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 during 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. The firm’s revenue was up 81.5% on a year-over-year basis. As a group, equities research analysts forecast that Micron Technology will post 0.58 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio is -32.39%.

Insider Buying and Selling at Micron Technology

In related news, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the sale, the executive vice president now owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Sumit Sadana sold 13,239 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares in the company, valued at approximately $30,981,985.89. The disclosure for this sale can be found here. Insiders have sold 250,730 shares of company stock valued at $31,063,449 in the last 90 days. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently made changes to their positions in MU. Norges Bank bought a new stake in shares of Micron Technology during the fourth quarter worth approximately $769,372,000. Wellington Management Group LLP boosted its stake in shares of Micron Technology by 43.4% in the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after buying an additional 5,257,201 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after buying an additional 3,315,988 shares during the period. California Public Employees Retirement System boosted its stake in shares of Micron Technology by 125.0% in the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after buying an additional 2,523,267 shares during the period. Finally, Capital International Investors boosted its stake in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after buying an additional 2,397,885 shares during the period. 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.