Micron Technology, Inc. (NASDAQ:MU – Get Free Report) shares fell sharply in pre-market trading on Thursday after UBS Group AG cut its price target for the company to $153.00 from $155.00. The stock opened at $135.79 after previously closing at $142.36. UBS Group AG currently recommends buying the stock. Micron Technology shares last traded at $136.31 on trading volume of 11,122,377 shares.
Other research analysts have also issued reports on the company recently. Rosenblatt Securities reaffirmed their “buy” rating on shares of Micron Technology and set a $225.00 price target in a research note on Tuesday. Piper Sandler raised their price target on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday. Argus raised their rating on Micron Technology from a “hold” to a “buy” rating and set a $140.00 price target on the stock in a research note on Thursday, March 21st. Fox Advisors raised their rating on Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Finally, The Goldman Sachs Group raised their price target on Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday. Two investment analysts have rated the company’s stock with a “hold” rating, and 25 have rated it with a “buy” rating. According to data from MarketBeat.com, Micron Technology currently has an average rating of “moderate buy” and a consensus target price of $158.52.
Read the latest research report on Micron Technology
Internal Activities at Micron Technology
In related news, SVP Michael W. Bokan sold 15,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. As a result of the transaction, the SVP now directly owns 153,387 shares of the company’s stock, valued at approximately $17,723,867.85. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00.Following the completion of the sale, the CEO now directly owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The sale was disclosed in a document filed with the SEC, which is available at this link. Additionally, Senior Vice President, Michael W. Bokan sold 15,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction value of $1,733,250.00. Following the sale, the Senior Vice President now owns 153,387 shares of the company’s stock, valued at $17,723,867.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 304,840 shares of the company’s stock for $37,961,924. 0.32% of the stock is owned by company insiders.
Institutional Investors Invest in Micron Technology
A number of hedge funds have recently added to or reduced their holdings in MU. Norges Bank bought a new stake in Micron Technology in the fourth quarter for $769,372,000. Wellington Management Group LLP increased its stake in Micron Technology by 43.4% in the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock, valued at $1,182,608,000, after purchasing an additional 5,257,201 shares in the last quarter. Price T. Rowe Associates Inc. MD increased its stake in Micron Technology by 22.2% in the first quarter.Price T. Rowe Associates, Inc. (MD) now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. Morgan Stanley increased its holding in Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after purchasing an additional 2,852,688 shares in the last quarter. Finally, California Public Employees’ Retirement System increased its holding in Micron Technology by 125.0% in the fourth quarter. California Public Employees’ Retirement System now owns 4,541,662 shares of the semiconductor maker’s stock valued at $387,585,000 after purchasing an additional 2,523,267 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.
Micron Technology shares fell 0.5%
The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.The company’s 50-day moving average price is $128.07 and its 200-day moving average price is $106.08.
Micron Technology (NASDAQ:MU – Get Free Report ) released its quarterly earnings on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Micron Technology’s ROE was -4.01%, and net margin was -7.20%. Revenues for the quarter were $6.81 billion, beating analysts’ estimates of $6.67 billion. EPS in the same period last year were ($1.57). Micron Technology’s quarterly revenues increased 81.5% year over year. Sell-side analysts expect Micron Technology, Inc. to post $0.36 EPS for the current fiscal year.
Micron Technology Dividend Announcement
The company also recently declared a quarterly dividend, which is scheduled to be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be paid a dividend of $0.115. The ex-dividend date is Monday, July 8th. This equates to a dividend of $0.46 on an annualized basis, or a yield of 0.35%. Micron Technology’s dividend payout ratio is currently -32.39%.
About Micron Technology
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Micron Technology, Inc. designs, develops, manufactures and sells memory and storage products worldwide. The company operates through four segments: Computing and Networking, Mobile, Embedded and Storage. The company offers memory and storage technologies under the Micron and Crucial brands, as well as private labels, including dynamic random access memory semiconductor devices that provide low latency and fast data retrieval, nonvolatile rewriteable semiconductor storage devices, and nonvolatile rewriteable semiconductor memory devices that provide fast read speeds.
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