Micron Technology, Inc. (NASDAQ:MU) Receives Average Rating of “Moderate Buy” from Brokerages

Micron Technology, Inc. (NASDAQ:MU) has been given a consensus rating of “Moderate Buy” by the twenty-five brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $132.63.

Several equities research analysts recently weighed in on MU shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 price target on shares of Micron Technology in a research note on Friday. Stifel Nicolaus cut their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Wells Fargo & Company cut their target price on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Robert W. Baird increased their target price on Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Piper Sandler cut their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th.

Micron Technology Price Performance

Shares of MU stock opened at $94.72 on Monday. The stock has a market cap of $105.53 billion, a price-to-earnings ratio of 27.30 and a beta of 1.23. The business’s fifty day moving average is $96.82 and its 200 day moving average is $98.21. Micron Technology has a twelve month low of $83.54 and a twelve month 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 issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. Research analysts expect that Micron Technology will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Micron Technology in the 4th quarter worth approximately $1,470,875,000. Capital World Investors boosted its holdings in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC boosted its holdings in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital Research Global Investors boosted its holdings in shares of Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Finally, Capital International Investors boosted its holdings in shares of Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.