Micron Technology (NASDAQ:MU) Rating Reiterated by Wedbush

Wedbush reaffirmed their outperform rating on shares of Micron Technology (NASDAQ:MU) in a research note released on Thursday, MarketBeat.com reports. The brokerage currently has a $170.00 price objective on the semiconductor manufacturer’s stock.

Other equities analysts also recently issued reports about the stock. Bank of America increased their target price on shares of Micron Technology from $144.00 to $170.00 and gave the stock a buy rating in a research report on Monday, June 17th. Barclays increased their target price on shares of Micron Technology from $120.00 to $145.00 and gave the stock an overweight rating in a research report on Monday, May 13th. Raymond James increased their target price on shares of Micron Technology from $130.00 to $160.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Piper Sandler upped their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a report on Thursday. Finally, Cantor Fitzgerald upped their price target on shares of Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a report on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology currently has an average rating of Moderate Buy and an average price target of $158.52.

Micron Technology Trading Down 0.5 %

NASDAQ MU opened at $131.53 on Thursday. Micron Technology has a 1-year low of $60.50 and a 1-year high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21. The firm’s fifty day simple moving average is $128.07 and its 200-day simple moving average is $106.46.

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

Micron Technology Announces Dividend

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

Insider Transactions at Micron Technology

In other news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,840 shares of company stock valued at $37,961,924. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mutual Advisors LLC boosted its stake in Micron Technology by 112.9% in the third quarter. Mutual Advisors LLC now owns 10,288 shares of the semiconductor manufacturer’s stock valued at $700,000 after acquiring an additional 5,456 shares during the last quarter. Vinva Investment Management Ltd bought a new position in shares of Micron Technology during the third quarter worth $450,000. Gotham Asset Management LLC boosted its position in shares of Micron Technology by 1.1% during the third quarter. Gotham Asset Management LLC now owns 26,873 shares of the semiconductor manufacturer’s stock worth $1,828,000 after purchasing an additional 281 shares in the last quarter. First Dallas Securities Inc. boosted its position in shares of Micron Technology by 295.9% during the third quarter. First Dallas Securities Inc. now owns 91,252 shares of the semiconductor manufacturer’s stock worth $6,208,000 after purchasing an additional 68,202 shares in the last quarter. Finally, United Services Automobile Association boosted its position in shares of Micron Technology by 14.8% during the third quarter. United Services Automobile Association now owns 28,723 shares of the semiconductor manufacturer’s stock worth $1,954,000 after purchasing an additional 3,705 shares in the last quarter. Institutional investors and hedge funds 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.