Micron Technology’s (MU) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Micron Technology (NASDAQ:MU) in a report published on Wednesday,Benzinga reports. The firm currently has a $250.00 price target on the semiconductor manufacturer’s stock.

MU has been the subject of several other reports. Bank of America raised their target price on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and decreased their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. UBS Group dropped their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Stifel Nicolaus reiterated a “buy” rating and issued a $135.00 price objective on shares of Micron Technology in a report on Friday, December 13th. Finally, Raymond James boosted their target price on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $132.26.

Micron Technology Price Performance

MU stock opened at $90.12 on Wednesday. The stock has a market capitalization of $100.40 billion, a price-to-earnings ratio of 132.53 and a beta of 1.16. The firm’s 50-day moving average price is $103.14 and its two-hundred day moving average price is $108.67. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology has a 12-month low of $79.15 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the previous year, the firm earned ($0.95) earnings per share. The business’s revenue was up 84.3% compared to the same quarter last year. As a group, equities analysts predict that Micron Technology will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is presently 13.26%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in MU. Independent Solutions Wealth Management LLC raised its position in Micron Technology by 30.7% in the third quarter. Independent Solutions Wealth Management LLC now owns 20,958 shares of the semiconductor manufacturer’s stock worth $2,174,000 after acquiring an additional 4,921 shares during the period. Principal Financial Group Inc. raised its holdings in Micron Technology by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock worth $130,253,000 after purchasing an additional 52,912 shares during the period. Dantai Capital Ltd lifted its position in Micron Technology by 25.0% during the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock valued at $2,380,000 after purchasing an additional 4,590 shares in the last quarter. Franklin Resources Inc. grew its holdings in Micron Technology by 4.6% during the third quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock valued at $789,054,000 after purchasing an additional 321,955 shares during the period. Finally, Peapack Gladstone Financial Corp increased its position in Micron Technology by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock worth $1,359,000 after buying an additional 411 shares in the last quarter. 80.84% of the stock is currently 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.