Morgan Stanley Trims Micron Technology (NASDAQ:MU) Target Price to $100.00

Micron Technology (NASDAQ:MU) had its price target lowered by Morgan Stanley from $140.00 to $100.00 in a report issued on Monday, Marketbeat.com reports. Morgan Stanley currently has an equal weight rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also recently issued reports on MU. Stifel Nicolaus upped their price target on shares of Micron Technology from $140.00 to $165.00 and gave the stock a buy rating in a research note on Tuesday, June 18th. TD Cowen increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a buy rating in a report on Thursday, June 27th. The Goldman Sachs Group upped their price objective on Micron Technology from $138.00 to $158.00 and gave the company a buy rating in a research report on Thursday, June 27th. Robert W. Baird lifted their target price on Micron Technology from $150.00 to $172.00 and gave the stock an outperform rating in a report on Monday, June 24th. Finally, Wells Fargo & Company boosted their price target on Micron Technology from $135.00 to $190.00 and gave the stock an overweight rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Micron Technology has an average rating of Moderate Buy and an average price target of $148.54.

Micron Technology Price Performance

Shares of MU opened at $87.35 on Monday. Micron Technology has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The firm’s 50-day simple moving average is $101.48 and its two-hundred day simple moving average is $114.77. The stock has a market cap of $96.86 billion, a PE ratio of -61.51 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.57) EPS. Analysts anticipate that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently modified their holdings of the company. TrinityPoint Wealth LLC boosted its stake in shares of Micron Technology by 33.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after acquiring an additional 8,736 shares during the period. Gladstone Institutional Advisory LLC purchased a new stake in Micron Technology during the 4th quarter valued at approximately $241,000. Coldstream Capital Management Inc. grew its holdings in Micron Technology by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,702 shares of the semiconductor manufacturer’s stock valued at $999,000 after buying an additional 476 shares in the last quarter. Balentine LLC raised its position in shares of Micron Technology by 11.4% during the fourth quarter. Balentine LLC now owns 14,418 shares of the semiconductor manufacturer’s stock valued at $1,230,000 after buying an additional 1,476 shares during the last quarter. Finally, Trexquant Investment LP lifted its holdings in shares of Micron Technology by 105.1% in the fourth quarter. Trexquant Investment LP now owns 434,816 shares of the semiconductor manufacturer’s stock worth $37,107,000 after buying an additional 222,792 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

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.