Needham & Company LLC Boosts Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price objective upped by Needham & Company LLC from $120.00 to $150.00 in a research note published on Thursday morning, Marketbeat Ratings reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other reports. Fox Advisors raised Micron Technology from an equal weight rating to an overweight rating in a research report on Thursday, March 21st. UBS Group boosted their price target on Micron Technology from $125.00 to $155.00 and gave the stock a buy rating in a research report on Monday, June 10th. TD Cowen boosted their price target on Micron Technology from $120.00 to $150.00 and gave the stock an outperform rating in a research report on Thursday, March 21st. Citigroup boosted their price target on Micron Technology from $150.00 to $175.00 and gave the stock a buy rating in a research report on Monday, June 24th. Finally, StockNews.com upgraded Micron Technology from a sell rating to a hold rating in a report on Friday, March 22nd. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $158.52.

Micron Technology Stock Performance

NASDAQ MU opened at $131.53 on Thursday. The firm has a market capitalization of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21. Micron Technology has a 1-year low of $60.50 and a 1-year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.40. The business’s 50-day simple moving average is $128.07 and its 200-day simple moving average is $106.46.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same period in the previous year, the company posted ($1.57) EPS. Equities analysts predict that Micron Technology will post 0.39 EPS for the current year.

Micron Technology Dividend Announcement

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

Insider Activity

In related news, EVP Manish H. Bhatia sold 53,317 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Manish H. Bhatia sold 53,317 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00. Following the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The disclosure for this sale can be found here. In the last ninety days, insiders sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC acquired a new position in Micron Technology during the 4th quarter worth $25,000. DecisionPoint Financial LLC acquired a new position in Micron Technology during the 1st quarter worth $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $26,000. Frank Rimerman Advisors LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $29,000. Finally, Valued Wealth Advisors LLC lifted its holdings in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the period. 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.