Micron Technology (NASDAQ:MU) Price Target Lowered to $120.00 at Piper Sandler

Micron Technology (NASDAQ:MU) had its price objective trimmed by Piper Sandler from $150.00 to $120.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

MU has been the subject of a number of other reports. TD Cowen cut their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday. Wells Fargo & Company dropped their target price on Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday. China Renaissance initiated coverage on Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 target price on shares of Micron Technology in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.26.

Micron Technology Stock Down 3.0 %

NASDAQ MU traded down $2.65 on Thursday, reaching $84.44. The stock had a trading volume of 4,564,753 shares, compared to its average volume of 21,828,852. Micron Technology has a 1 year low of $79.15 and a 1 year high of $157.54. The business has a 50 day moving average price of $103.48 and a 200 day moving average price of $108.93. 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 company has a market capitalization of $94.07 billion, a price-to-earnings ratio of 124.18 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.95) earnings per share. On average, analysts forecast that Micron Technology will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.54%. Micron Technology’s payout ratio is presently 13.26%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the 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 completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Highline Wealth Partners LLC bought a new position in shares of Micron Technology in the 3rd quarter worth $26,000. Davis Capital Management purchased a new stake in shares of Micron Technology during the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its holdings in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares during the period. DT Investment Partners LLC boosted its position in Micron Technology by 261.1% in the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares during the last quarter. Finally, Stone House Investment Management LLC grew its stake in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares during the period. 80.84% of the stock is owned by institutional investors.

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.