Wells Fargo & Company Cuts Micron Technology (NASDAQ:MU) Price Target to $140.00

Micron Technology (NASDAQ:MU) had its price target reduced by Wells Fargo & Company from $175.00 to $140.00 in a report issued on Thursday,Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other analysts have also issued reports on MU. Citigroup reduced their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and reduced their target price for the company from $140.00 to $67.00 in a report on Thursday, September 12th. UBS Group lowered their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $150.00 price objective on shares of Micron Technology in a research note on Tuesday, October 1st. Finally, Sanford C. Bernstein lowered their target price on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Price Performance

Micron Technology stock opened at $90.12 on Thursday. The firm has a market cap of $100.40 billion, a PE ratio of 132.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The stock’s fifty day moving average price is $103.14 and its two-hundred day moving average price is $108.54. Micron Technology has a one year low of $79.15 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter last year, the business earned ($0.95) earnings per share. Micron Technology’s revenue was up 84.3% on a year-over-year basis. As a group, research analysts expect that Micron Technology will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be paid a $0.115 dividend. 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 dividend payout ratio is currently 13.26%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the business’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 transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth approximately $26,000. Davis Capital Management bought a new position in Micron Technology during the third quarter worth $30,000. True Wealth Design LLC grew its holdings in Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares during the period. DT Investment Partners LLC increased its stake in Micron Technology by 261.1% in the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC raised its holdings in shares of Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares during the period. 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.