Micron Technology’s (MU) Outperform Rating Reiterated at Wedbush

by · The Markets Daily

Wedbush restated their outperform rating on shares of Micron Technology (NASDAQ:MU – Free Report) in a research report released on Thursday morning, Benzinga reports. The firm currently has a $140.00 price target on the semiconductor manufacturer’s stock.

A number of other research firms have also recently weighed in on MU. Morgan Stanley dropped their price target on Micron Technology from $140.00 to $100.00 and set an equal weight rating on the stock in a research note on Monday, September 16th. Robert W. Baird increased their price target on Micron Technology from $150.00 to $172.00 and gave the company an outperform rating in a research note on Monday, June 24th. Piper Sandler increased their price target on Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. upped their price objective on Micron Technology from $130.00 to $180.00 and gave the company an overweight rating in a report on Thursday, June 27th. Finally, Bank of America upped their price objective on Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a report on Monday, June 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $144.38.

Read Our Latest Analysis on Micron Technology

Micron Technology Trading Down 2.2 %

Shares of Micron Technology stock opened at $107.50 on Thursday. Micron Technology has a 12-month low of $63.83 and a 12-month high of $157.54. The stock has a market cap of $119.20 billion, a P/E ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $97.63 and its 200-day moving average is $114.69.

Micron Technology (NASDAQ:MU – Get Free Report) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the prior year, the business earned ($1.21) EPS. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. Equities research analysts predict that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.43%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Hedge Funds Weigh In On Micron Technology

Large investors have recently bought and sold shares of the company. DecisionPoint Financial LLC bought a new stake in Micron Technology in the first quarter worth approximately $25,000. Pingora Partners LLC bought a new stake in Micron Technology in the fourth quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Micron Technology in the second quarter worth approximately $28,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology in the fourth quarter worth approximately $29,000. Finally, Valued Wealth Advisors LLC grew its stake in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares during the period. 80.84% of the stock is currently owned by institutional investors.

About Micron Technology

(Get Free Report)

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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