Micron Technology (NASDAQ:MU) Given New $115.00 Price Target at TD Cowen

Micron Technology (NASDAQ:MU) had its price target trimmed by TD Cowen from $160.00 to $115.00 in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

Several other research analysts have also weighed in on MU. Wells Fargo & Company dropped their target price on Micron Technology from $190.00 to $175.00 and set an overweight rating on the stock in a research report on Wednesday, September 18th. Needham & Company LLC cut their price objective on shares of Micron Technology from $150.00 to $140.00 and set a buy rating on the stock in a research report on Monday, August 26th. Rosenblatt Securities reiterated a buy rating and issued a $225.00 target price on shares of Micron Technology in a research note on Tuesday, June 25th. Susquehanna dropped their price target on shares of Micron Technology from $185.00 to $175.00 and set a positive rating on the stock in a research note on Thursday, August 22nd. Finally, Raymond James reduced their price objective on shares of Micron Technology from $160.00 to $125.00 and set an outperform rating for the company in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $145.65.

Micron Technology Stock Performance

MU stock opened at $90.90 on Thursday. The stock has a market cap of $100.79 billion, a P/E ratio of -64.01 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm has a 50 day simple moving average of $99.81 and a 200 day simple moving average of $114.83. Micron Technology has a 52 week low of $63.83 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the business posted ($1.57) EPS. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. Research analysts anticipate that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a dividend of $0.115 per share. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. Micron Technology’s payout ratio is -32.39%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently made changes to their positions in MU. Atria Investments Inc raised its holdings in shares of Micron Technology by 0.3% in the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares in the last quarter. Aspect Partners LLC raised its stake in Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after acquiring an additional 94 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in shares of Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after acquiring an additional 98 shares during the period. Ameritas Advisory Services LLC boosted its stake in shares of Micron Technology by 1.3% in the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after purchasing an additional 98 shares in the last quarter. Finally, LRI Investments LLC grew its holdings in shares of Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during 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.