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

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

Several other research firms also recently weighed in on MU. TD Cowen increased their target price on Micron Technology from $115.00 to $135.00 and gave the stock a buy rating in a research report on Thursday. Rosenblatt Securities reiterated a buy rating and set a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. JPMorgan Chase & Co. increased their target price on Micron Technology from $130.00 to $180.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. The Goldman Sachs Group upped their price target on Micron Technology from $138.00 to $158.00 and gave the stock a buy rating in a research note on Thursday, June 27th. Finally, Bank of America upped their price target on Micron Technology from $144.00 to $170.00 and gave the stock a buy rating in a research note on Monday, June 17th. One 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 stock. According to MarketBeat.com, Micron Technology has a consensus rating of Moderate Buy and an average price target of $144.38.

Micron Technology Stock Down 2.2 %

Shares of NASDAQ:MU opened at $107.50 on Thursday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a 52-week low of $63.83 and a 52-week high of $157.54. The stock’s fifty day simple moving average is $97.63 and its 200-day simple moving average is $114.96. The company has a market capitalization of $119.20 billion, a P/E ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its 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. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the business posted ($1.21) earnings per share. The firm’s revenue for the quarter was up 93.3% compared to the same quarter last year. As a group, equities research analysts forecast that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors 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 is Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Institutional Trading of Micron Technology

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Micron Technology by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after purchasing an additional 1,681,815 shares during the last quarter. Capital World Investors increased its position in Micron Technology by 6.6% in the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after acquiring an additional 1,400,154 shares during the period. Capital International Investors increased its position in Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares during the period. Price T Rowe Associates Inc. MD increased its position in Micron Technology by 22.2% in the 1st 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 acquiring an additional 3,315,988 shares during the period. Finally, Van ECK Associates Corp increased its position in Micron Technology by 6.9% in the 2nd quarter. Van ECK Associates Corp now owns 8,086,213 shares of the semiconductor manufacturer’s stock valued at $1,063,580,000 after acquiring an additional 519,641 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.