Micron Technology (NASDAQ:MU) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Micron Technology (NASDAQ:MU) in a research report report published on Tuesday, Marketbeat reports. The brokerage currently has a $140.00 price target on the semiconductor manufacturer’s stock.

MU has been the subject of a number of other research reports. KeyCorp reduced their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Raymond James increased their target price on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Needham & Company LLC reissued a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. China Renaissance started coverage on shares of Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price target for the company. Finally, Bank of America raised their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Stock Up 0.3 %

NASDAQ:MU opened at $108.60 on Tuesday. The firm has a market capitalization of $120.99 billion, a PE ratio of 159.71 and a beta of 1.16. Micron Technology has a 52 week low of $78.63 and a 52 week high of $157.54. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average of $103.80 and a 200-day moving average of $109.12.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same period last year, the business posted ($1.21) earnings per share. Analysts predict that Micron Technology will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MU. Harmony Asset Management LLC lifted its holdings in Micron Technology by 75.6% in the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after purchasing an additional 5,120 shares during the last quarter. Lazard Freres Gestion S.A.S. raised its position in shares of Micron Technology by 241.7% in the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock valued at $4,252,000 after purchasing an additional 29,000 shares during the period. Chartwell Investment Partners LLC lifted its stake in shares of Micron Technology by 26.4% in the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock worth $20,236,000 after buying an additional 40,802 shares during the last quarter. State Street Corp boosted its holdings in shares of Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after buying an additional 1,434,568 shares during the period. Finally, Global X Japan Co. Ltd. grew its stake in Micron Technology by 23.1% in the 3rd quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock valued at $5,375,000 after buying an additional 9,735 shares during the last quarter. Institutional investors and hedge funds 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.