Micron Technology, Inc. (NASDAQ:MU) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Micron Technology, Inc. (NASDAQ:MU) have received an average rating of “Moderate Buy” from the twenty-six analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and twenty-three have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $135.24.

MU has been the subject of several research reports. China Renaissance assumed coverage on shares of Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 target price for the company. Needham & Company LLC decreased their price objective on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. TD Cowen cut their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Piper Sandler decreased their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the company from $140.00 to $67.00 in a research note on Thursday, September 12th.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Large investors have recently bought and sold shares of the company. State Street Corp lifted its position in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares in the last quarter. Primecap Management Co. CA increased its stake in Micron Technology by 0.6% in the 3rd quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock valued at $3,902,800,000 after buying an additional 206,499 shares during the last quarter. Geode Capital Management LLC lifted its position in Micron Technology by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer’s stock worth $2,451,987,000 after buying an additional 892,607 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Micron Technology by 21.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after buying an additional 2,022,180 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Micron Technology by 30.6% in the third quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after acquiring an additional 2,477,985 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

MU opened at $101.91 on Wednesday. Micron Technology has a 12-month low of $79.15 and a 12-month high of $157.54. The firm has a market capitalization of $113.55 billion, a P/E ratio of 149.87 and a beta of 1.18. The stock’s 50 day moving average price is $98.79 and its two-hundred day moving average price is $104.03. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the previous year, the firm posted ($0.95) earnings per share. Micron Technology’s revenue was up 84.3% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology will post 8.31 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, January 15th. Investors of record on Monday, December 30th will be paid a dividend of $0.115 per share. The ex-dividend date is Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. Micron Technology’s payout ratio is 13.26%.

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.