Barclays Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its target price upped by Barclays from $110.00 to $115.00 in a research note released on Friday,Benzinga reports. Barclays currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other analysts have also recently weighed in on the company. Sanford C. Bernstein decreased their price objective on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. 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. Mizuho reduced their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Finally, Rosenblatt Securities reduced their price target on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Trading Down 8.0 %

NASDAQ:MU opened at $94.72 on Friday. The stock’s 50 day moving average price is $96.82 and its 200 day moving average price is $98.21. The company has a market capitalization of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23. 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 has a 52-week low of $83.54 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same period last year, the firm earned $0.42 EPS. The firm’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, research analysts anticipate that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

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

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fairtree Asset Management Pty Ltd purchased a new stake in Micron Technology during the fourth quarter valued at about $554,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Micron Technology by 10.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer’s stock valued at $29,507,000 after purchasing an additional 32,502 shares in the last quarter. NorthCrest Asset Manangement LLC grew its holdings in shares of Micron Technology by 6.3% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer’s stock worth $3,198,000 after purchasing an additional 2,264 shares during the period. PKO Investment Management Joint Stock Co purchased a new position in Micron Technology in the fourth quarter valued at approximately $6,060,000. Finally, Centaurus Financial Inc. lifted its position in Micron Technology by 52.2% during the fourth quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer’s stock valued at $3,733,000 after buying an additional 15,216 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.