Micron Technology (NASDAQ:MU) Price Target Cut to $120.00 by Analysts at Sanford C. Bernstein

Micron Technology (NASDAQ:MU) had its price objective lowered by Sanford C. Bernstein from $140.00 to $120.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts also recently issued reports on MU. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Micron Technology in a research note on Wednesday. Wells Fargo & Company decreased their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Morgan Stanley lifted their price objective on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. KeyCorp decreased their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Finally, Bank of America raised their target price on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.59.

Micron Technology Trading Down 17.9 %

MU traded down $18.56 during trading hours on Wednesday, reaching $85.34. The company’s stock had a trading volume of 38,687,108 shares, compared to its average volume of 21,644,746. The stock has a market cap of $95.07 billion, a PE ratio of 125.50 and a beta of 1.16. Micron Technology has a fifty-two week low of $78.63 and a fifty-two week high of $157.54. 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 business’s 50-day moving average is $103.85 and its 200-day moving average is $109.09.

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

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.54%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly 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 this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Ameritas Advisory Services LLC lifted its position in Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after acquiring an additional 98 shares during the period. Stonebrook Private Inc. lifted its holdings in shares of Micron Technology by 4.2% during the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock worth $255,000 after purchasing an additional 98 shares during the period. LRI Investments LLC lifted its holdings in shares of Micron Technology by 57.2% during the second 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 period. John G Ullman & Associates Inc. increased its stake in Micron Technology by 2.5% in the 3rd quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock valued at $421,000 after buying an additional 100 shares during the period. Finally, Cornerstone Wealth Group LLC raised its position in Micron Technology by 5.6% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock worth $257,000 after buying an additional 103 shares during the last quarter. Hedge funds and other institutional investors 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.