Micron Technology (NASDAQ:MU) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Micron Technology (NASDAQ:MU) in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a $150.00 target price on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently issued reports on MU. BNP Paribas downgraded Micron Technology from an outperform rating to an underperform rating and cut their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Stifel Nicolaus cut their target price on shares of Micron Technology from $165.00 to $135.00 and set a buy rating for the company in a research note on Thursday, September 19th. 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 research note on Thursday, June 27th. Wolfe Research raised their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Finally, KeyCorp decreased their target price on Micron Technology from $165.00 to $145.00 and set an overweight rating on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $143.23.

Micron Technology Stock Performance

Shares of MU opened at $101.82 on Tuesday. The company has a market cap of $112.90 billion, a PE ratio of -71.70, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The firm has a 50-day moving average of $96.80 and a 200-day moving average of $114.90. Micron Technology has a one year low of $63.88 and a one 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 2.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the business earned ($1.21) earnings per share. The business’s revenue was up 93.3% compared to the same quarter last year. As a group, equities analysts forecast that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Clearbridge Investments LLC boosted its holdings in shares of Micron Technology by 1.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after acquiring an additional 20,741 shares in the last quarter. Chapin Davis Inc. acquired a new stake in shares of Micron Technology during the second quarter valued at about $4,056,000. Norden Group LLC boosted its stake in shares of Micron Technology by 1,916.7% during the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after purchasing an additional 47,648 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in shares of Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after buying an additional 5,958 shares during the period. Finally, Westwood Holdings Group Inc. bought a new position in Micron Technology in the 1st quarter valued at approximately $8,558,000. Institutional investors 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.