Micron Technology’s (MU) “Buy” Rating Reiterated at Stifel Nicolaus

Stifel Nicolaus reaffirmed their buy rating on shares of Micron Technology (NASDAQ:MU) in a report published on Friday morning,Benzinga reports. Stifel Nicolaus currently has a $135.00 price objective on the semiconductor manufacturer’s stock.

A number of other research analysts have also commented on MU. Needham & Company LLC reiterated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Bank of America raised their target price on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. TD Cowen raised their target price on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company reduced their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. Finally, Susquehanna reduced their target price on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Price Performance

MU opened at $102.50 on Friday. The firm has a market cap of $114.19 billion, a price-to-earnings ratio of 150.74 and a beta of 1.16. Micron Technology has a fifty-two week low of $78.63 and a fifty-two week high of $157.54. The company’s 50-day moving average price is $103.58 and its 200 day moving average price is $109.37. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the business earned ($1.21) earnings per share. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. As a group, sell-side analysts expect that Micron Technology will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s dividend payout ratio is 67.65%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC boosted its position in Micron Technology by 1.3% in the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after buying an additional 98 shares in the last quarter. Stonebrook Private Inc. raised its stake in shares of Micron Technology by 4.2% in the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock worth $255,000 after acquiring an additional 98 shares during the last quarter. LRI Investments LLC raised its stake in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares during the last quarter. John G Ullman & Associates Inc. raised its stake in shares of Micron Technology by 2.5% in the third quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock worth $421,000 after acquiring an additional 100 shares during the last quarter. Finally, Cornerstone Wealth Group LLC raised its stake in shares of Micron Technology by 5.6% in the second quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock worth $257,000 after acquiring an additional 103 shares during the last quarter. 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.