By otakuyassine3@gmail.com 
Bank of America lowered shares of Micron Technology (NASDAQ:MU – Free Report) from a buy rating to a neutral rating in a report published on Thursday morning, Marketbeat.com reports. Bank of America currently has $110.00 target price on the semiconductor manufacturer’s stock, down from their prior target price of $125.00.
A number of other research firms have also commented on MU. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Micron Technology in a research note on Wednesday. Susquehanna cut their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Micron Technology in a research note on Friday, December 13th. TD Cowen cut their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, KeyCorp cut their price objective 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $132.26.
View Our Latest Report on Micron Technology
Micron Technology Trading Down 0.7 %
Shares of MU stock traded down $0.62 during mid-day trading on Thursday, reaching $86.47. 12,603,668 shares of the stock traded hands, compared to its average volume of 21,856,740. The stock’s fifty day simple moving average is $103.48 and its two-hundred day simple moving average is $108.93. Micron Technology has a 1-year low of $79.15 and a 1-year high of $157.54. The company has a market cap of $96.33 billion, a price-to-earnings ratio of 127.16 and a beta of 1.16. 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 – Get Free Report) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating 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 firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period last year, the firm posted ($0.95) earnings per share. The business’s revenue for the quarter was up 84.3% on a year-over-year basis. On average, research analysts anticipate that Micron Technology will post 8.31 EPS for the current fiscal year.
Micron Technology Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is currently 13.26%.
Insider Activity at Micron Technology
In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction 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 $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Micron Technology
Large investors have recently made changes to their positions in the business. Highline Wealth Partners LLC purchased a new stake in shares of Micron Technology during the 3rd quarter valued at $26,000. LRI Investments LLC grew its stake in shares of Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares during the period. Davis Capital Management bought a new position in shares of Micron Technology during the 3rd quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Micron Technology during the 2nd quarter worth $39,000. Finally, New Millennium Group LLC bought a new position in shares of Micron Technology during the 2nd quarter worth $39,000. 80.84% of the stock is owned by hedge funds and other 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.
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