Mizuho Has Lowered Expectations for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its target price reduced by Mizuho from $135.00 to $115.00 in a research report report published on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also weighed in on the stock. Susquehanna reduced their target price on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price objective for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. KeyCorp reduced their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Stifel Nicolaus reiterated a “buy” rating and issued a $135.00 price objective on shares of Micron Technology in a research note on Friday, December 13th. Finally, Raymond James upped their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $132.26.

Micron Technology Trading Down 0.7 %

Micron Technology stock traded down $0.62 during trading on Thursday, hitting $86.47. The company had a trading volume of 12,603,668 shares, compared to its average volume of 21,856,740. The company’s 50 day simple moving average is $103.48 and its 200-day simple moving average is $108.93. The stock 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 current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology has a 1-year low of $79.15 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data 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 net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter last year, the firm earned ($0.95) earnings per share. The firm’s revenue was up 84.3% compared to the same quarter last year. As a group, analysts expect that Micron Technology will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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 annualized dividend and a yield of 0.53%. The ex-dividend date is Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Insider Buying and Selling

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 sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC acquired a new position in Micron Technology in the third quarter worth about $26,000. LRI Investments LLC raised its holdings in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares in the last quarter. Davis Capital Management bought a new position in shares of Micron Technology in the third quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Micron Technology in the second quarter valued at $39,000. Finally, New Millennium Group LLC purchased a new position in Micron Technology during the 2nd quarter worth approximately $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.