Bank of America Increases Micron Technology (NASDAQ:MU) Price Target to $125.00

Micron Technology (NASDAQ:MU) had its price target lifted by Bank of America from $110.00 to $125.00 in a report published on Thursday, Benzinga reports. Bank of America currently has a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other research reports. Wells Fargo & Company dropped their price target on shares of Micron Technology from $190.00 to $175.00 and set an overweight rating on the stock in a research note on Wednesday, September 18th. Cantor Fitzgerald raised their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a research report on Monday, June 17th. Piper Sandler raised their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Robert W. Baird raised their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the company an outperform rating in a research report on Monday, June 24th. Finally, BNP Paribas downgraded shares of Micron Technology from an outperform rating to an underperform rating and decreased their price objective for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $144.38.

Micron Technology Trading Down 2.2 %

Shares of MU 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 company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $97.63 and its 200 day moving average is $114.96. The stock has a market capitalization 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.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter last year, the company posted ($1.21) earnings per share. The firm’s quarterly revenue was up 93.3% on a year-over-year basis. Research analysts expect that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares during the last quarter. Capital World Investors grew its stake in shares of Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after purchasing an additional 1,400,154 shares during the period. Capital International Investors grew its stake in shares of Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Micron Technology by 22.2% during 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 purchasing an additional 3,315,988 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Micron Technology by 6.9% during the 2nd quarter. Van ECK Associates Corp now owns 8,086,213 shares of the semiconductor manufacturer’s stock worth $1,063,580,000 after purchasing an additional 519,641 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.