Micron Technology, Inc. (NASDAQ:MU – Get Rating) hit a new 52-week low on Tuesday after BMO Capital Markets lowered their price target on the stock from $85.00 to $80.00. BMO Capital Markets currently has an outperform rating on the stock. Micron Technology traded as low as $50.97 and last traded at $51.00, with a volume of 131427 shares changing hands. The stock had previously closed at $52.10.
Several other brokerages have also issued reports on MU. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $70.00 to $62.00 in a research report on Friday, July 1st. Exane BNP Paribas initiated coverage on Micron Technology in a research report on Tuesday, September 13th. They set an “outperform” rating and a $75.00 price objective on the stock. Raymond James cut Micron Technology from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $72.00 to $65.00 in a research note on Tuesday, August 9th. Wedbush reduced their price target on Micron Technology from $120.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, July 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Micron Technology from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.54.
Insider Transactions at Micron Technology
In other news, SVP Michael W. Bokan sold 16,600 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $63.82, for a total value of $1,059,412.00. Following the completion of the sale, the senior vice president now owns 119,126 shares of the company’s stock, valued at approximately $7,602,621.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.32% of the company’s stock.
Hedge Funds Weigh In On Micron Technology
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. lifted its position in Micron Technology by 144.9% during the first quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 200 shares during the period. Concorde Financial Corp purchased a new stake in shares of Micron Technology in the fourth quarter worth about $27,000. Wagner Wealth Management LLC purchased a new position in Micron Technology during the second quarter valued at approximately $29,000. Core Alternative Capital lifted its holdings in Micron Technology by 912.5% in the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 365 shares during the period. Finally, BDO Wealth Advisors LLC grew its stake in shares of Micron Technology by 46.7% during the 1st quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 79.66% of the company’s stock.
Micron Technology Stock Performance
The company has a current ratio of 3.24, a quick ratio of 2.44 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average price is $59.47 and its two-hundred day moving average price is $65.72. The stock has a market capitalization of $56.82 billion, a PE ratio of 5.94, a price-to-earnings-growth ratio of 3.06 and a beta of 1.30.
Micron Technology (NASDAQ:MU – Get Rating) last released its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.17. Micron Technology had a net margin of 30.61% and a return on equity of 21.91%. The firm had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.66 billion. During the same quarter last year, the company earned $1.81 EPS. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, equities research analysts forecast that Micron Technology, Inc. will post 7.9 EPS for the current year.
Micron Technology Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 26th. Shareholders of record on Monday, July 11th were paid a $0.115 dividend. The ex-dividend date of this dividend was Friday, July 8th. This is an increase from Micron Technology’s previous quarterly dividend of $0.10. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.89%. Micron Technology’s dividend payout ratio (DPR) is 5.25%.
About Micron Technology
Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.