Needham & Company LLC Trims Micron Technology (NASDAQ:MU) Target Price to $140.00

Micron Technology (NASDAQ:MU) had its target price cut by Needham & Company LLC from $150.00 to $140.00 in a report published on Monday morning, MarketBeat Ratings reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price target on Micron Technology from $130.00 to $180.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. Barclays increased their price target on Micron Technology from $120.00 to $145.00 and gave the company an overweight rating in a research note on Monday, May 13th. Wolfe Research lifted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Robert W. Baird increased 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, Stifel Nicolaus raised their target price on shares of Micron Technology from $140.00 to $165.00 and gave the stock a buy rating in a research note on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology has a consensus rating of Moderate Buy and an average target price of $157.12.

Micron Technology Price Performance

NASDAQ:MU opened at $94.86 on Monday. The stock has a market capitalization of $105.18 billion, a PE ratio of -66.80 and a beta of 1.18. Micron Technology has a 1-year low of $63.83 and a 1-year high of $157.54. The firm has a fifty day simple moving average of $116.46 and a 200 day simple moving average of $114.44. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter last year, the company posted ($1.57) earnings per share. On average, research analysts expect that Micron Technology will post 0.58 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.48%. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders have sold a total of 53,174 shares of company stock valued at $7,710,093 in the last ninety days. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently added to or reduced their stakes in the stock. Hobbs Group Advisors LLC acquired a new position in Micron Technology in the 2nd quarter worth about $28,000. DecisionPoint Financial LLC acquired a new position in shares of Micron Technology in the first quarter valued at approximately $25,000. Valued Wealth Advisors LLC raised its holdings in Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC boosted its position in Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 144 shares during the period. Finally, LRI Investments LLC grew its holdings in Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.