Raymond James Trims Micron Technology (NASDAQ:MU) Target Price to $125.00

Micron Technology (NASDAQ:MU) had its target price lowered by Raymond James from $160.00 to $125.00 in a research report sent to investors on Thursday morning, Benzinga reports. Raymond James currently has an outperform rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other research reports. Robert W. Baird raised their target price on Micron Technology from $150.00 to $172.00 and gave the company an outperform rating in a research report on Monday, June 24th. Mizuho raised their price objective on Micron Technology from $150.00 to $155.00 and gave the company a buy rating in a report on Friday, May 31st. Wells Fargo & Company upped their target price on shares of Micron Technology from $135.00 to $190.00 and gave the stock an overweight rating in a report on Thursday, June 20th. Morgan Stanley raised their price target on shares of Micron Technology from $130.00 to $140.00 and gave the stock an equal weight rating in a research note on Monday, June 24th. Finally, Wedbush reaffirmed an outperform rating and set a $170.00 price objective on shares of Micron Technology in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $152.31.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $91.22 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm has a market cap of $101.15 billion, a PE ratio of -64.24 and a beta of 1.17. Micron Technology has a one year low of $63.83 and a one year high of $157.54. The firm has a fifty day moving average of $104.18 and a 200 day moving average of $114.85.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The business 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 quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.57) earnings per share. As a group, research analysts predict that Micron Technology will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, June 27th. The shares were 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 approximately $19,335,731.06. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently modified their holdings of the stock. SS&H Financial Advisors Inc. grew its stake in Micron Technology by 3.2% during the 2nd quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after purchasing an additional 650 shares in the last quarter. Heritage Wealth Management Inc. purchased a new position in shares of Micron Technology in the 2nd quarter valued at about $445,000. Sanctuary Advisors LLC purchased a new position in shares of Micron Technology in the 2nd quarter valued at about $5,306,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Micron Technology during the second quarter worth about $92,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Micron Technology during the second quarter worth approximately $39,000. 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.