Wells Fargo & Company Cuts Micron Technology (NASDAQ:MU) Price Target to $130.00

Micron Technology (NASDAQ:MU) had its price target decreased by Wells Fargo & Company from $140.00 to $130.00 in a report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other brokerages have also issued reports on MU. Barclays reduced their price target on Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $125.00 to $110.00 in a report on Thursday, December 19th. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. TD Cowen reduced their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, Morgan Stanley reduced their price target on Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $134.56.

Micron Technology Price Performance

NASDAQ:MU opened at $100.79 on Thursday. The business’s 50-day moving average price is $96.72 and its 200 day moving average price is $98.05. The firm has a market cap of $112.30 billion, a P/E ratio of 29.05 and a beta of 1.23. Micron Technology has a 52-week low of $83.54 and a 52-week high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period in the previous year, the company earned ($0.95) earnings per share. Micron Technology’s revenue was up 84.3% compared to the same quarter last year. As a group, sell-side analysts predict that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.46%. Micron Technology’s dividend payout ratio is currently 13.26%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. This trade represents a 2.63 % 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 hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Large investors have recently bought and sold shares of the company. Harmony Asset Management LLC raised its stake in shares of Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock valued at $1,233,000 after purchasing an additional 5,120 shares during the period. Lazard Freres Gestion S.A.S. raised its stake in shares of Micron Technology by 241.7% during the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock valued at $4,252,000 after purchasing an additional 29,000 shares during the period. E Fund Management Co. Ltd. raised its stake in shares of Micron Technology by 31.8% during the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock valued at $3,062,000 after purchasing an additional 8,780 shares during the period. Stablepoint Partners LLC bought a new stake in shares of Micron Technology during the 4th quarter valued at $569,000. Finally, State Street Corp raised its stake in shares of Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. 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.