Micron Technology (NASDAQ:MU) Price Target Cut to $130.00 by Analysts at Robert W. Baird

Micron Technology (NASDAQ:MU) had its target price reduced by Robert W. Baird from $150.00 to $130.00 in a report published on Thursday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also recently issued reports on MU. Cantor Fitzgerald reiterated an “overweight” rating and issued a $150.00 price objective on shares of Micron Technology in a report on Tuesday, October 1st. Susquehanna reduced their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research report on Thursday, September 26th. Citigroup lowered their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. China Renaissance assumed coverage on shares of Micron Technology in a report on Monday, October 28th. They set a “buy” rating and a $148.00 target price on the stock. Finally, Sanford C. Bernstein lowered their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $135.24.

Micron Technology Stock Up 3.5 %

MU stock opened at $90.12 on Thursday. Micron Technology has a 1-year low of $79.15 and a 1-year high of $157.54. The stock has a market cap of $100.40 billion, a price-to-earnings ratio of 132.53 and a beta of 1.16. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $103.14 and its 200 day moving average is $108.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 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 firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the prior year, the firm earned ($0.95) EPS. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. Sell-side analysts predict 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 dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.

Insiders Place Their Bets

In other Micron Technology 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 transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology during the third quarter valued at approximately $26,000. LRI Investments LLC boosted its holdings in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares in the last quarter. Davis Capital Management purchased a new stake in shares of Micron Technology in the third quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Micron Technology during the second quarter valued at $39,000. Finally, New Millennium Group LLC purchased a new position in shares of Micron Technology in the 2nd quarter worth about $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.