TD Cowen Boosts Micron Technology (NASDAQ:MU) Price Target to $135.00

by · The Cerbat Gem

Micron Technology (NASDAQ:MU – Free Report) had its price objective increased by TD Cowen from $115.00 to $135.00 in a research report released on Thursday morning, Marketbeat.com reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities analysts also recently issued research reports about the stock. Susquehanna cut their price target on shares of Micron Technology from $185.00 to $175.00 and set a positive rating on the stock in a research note on Thursday, August 22nd. KeyCorp cut their price target on shares of Micron Technology from $165.00 to $145.00 and set an overweight rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a buy rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday. Piper Sandler increased their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an overweight rating in a research note on Thursday, June 27th. Finally, Morgan Stanley dropped their price objective on shares of Micron Technology from $140.00 to $100.00 and set an equal weight rating for the company in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of Moderate Buy and a consensus target price of $144.38.

Get Our Latest Analysis on MU

Micron Technology Stock Performance

Shares of MU opened at $107.50 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The company has a market capitalization of $119.20 billion, a price-to-earnings ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17. The company’s 50 day simple moving average is $97.63 and its 200 day simple moving average is $114.69. Micron Technology has a 1 year low of $63.83 and a 1 year high of $157.54.

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

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be given a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s payout ratio is currently -32.39%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MU. Price T Rowe Associates Inc. MD lifted its position in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the last quarter. Capital International Investors lifted its position in Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after purchasing an additional 2,397,885 shares during the last quarter. Swedbank AB lifted its position in Micron Technology by 473.8% in the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after purchasing an additional 2,187,460 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Micron Technology by 301,500.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after purchasing an additional 1,809,000 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in Micron Technology by 28.9% in the 1st quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock valued at $892,023,000 after purchasing an additional 1,695,876 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company Profile

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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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