Wells Fargo & Company Trims Micron Technology (NASDAQ:MU) Target Price to $175.00

Micron Technology (NASDAQ:MU) had its price target cut by Wells Fargo & Company from $190.00 to $175.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other analysts have also issued reports on MU. Stifel Nicolaus upped their target price on Micron Technology from $140.00 to $165.00 and gave the stock a buy rating in a report on Tuesday, June 18th. Wedbush reiterated an outperform rating and set a $170.00 target price on shares of Micron Technology in a report on Thursday, June 27th. Cantor Fitzgerald upped their price objective on Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a research note on Monday, June 17th. Mizuho upped their price objective on Micron Technology from $150.00 to $155.00 and gave the company a buy rating in a research note on Friday, May 31st. Finally, Wolfe Research upped their price objective on Micron Technology from $150.00 to $200.00 and gave the company an outperform rating in a research note on Friday, June 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $145.65.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $90.90 on Wednesday. The firm has a market cap of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. The stock’s 50-day moving average is $99.81 and its 200-day moving average is $114.56. Micron Technology has a one year low of $63.83 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

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

Micron Technology Dividend Announcement

The business also recently declared 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. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently modified their holdings of MU. Tidemark LLC bought a new position in shares of Micron Technology in the 4th quarter valued at $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology in the 1st quarter valued at $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology in the 4th quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology in the 2nd quarter valued at $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology in the 4th quarter valued at $29,000. Institutional investors and hedge funds 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.