Raymond James Trims Micron Technology (NASDAQ:MU) Target Price to $72.00

Micron Technology (NASDAQ:MUGet Rating) had its price target lowered by Raymond James from $115.00 to $72.00 in a research note released on Friday, The Fly reports. The firm currently has a strong-buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of a number of other research reports. JPMorgan Chase & Co. reduced their target price on Micron Technology from $120.00 to $96.00 and set an overweight rating on the stock in a research note on Tuesday, June 28th. Summit Insights lowered Micron Technology from a buy rating to a hold rating in a research note on Sunday, June 12th. Susquehanna reiterated a buy rating and issued a $115.00 target price on shares of Micron Technology in a research note on Monday, May 16th. Sanford C. Bernstein upgraded Micron Technology from a market perform rating to an outperform rating and set a $94.00 target price on the stock in a research note on Wednesday, March 16th. Finally, Barclays reduced their target price on Micron Technology from $105.00 to $75.00 and set an overweight rating on the stock in a research note on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $87.42.

NASDAQ:MU opened at $53.65 on Friday. The stock’s fifty day moving average is $66.04 and its 200 day moving average is $77.62. Micron Technology has a fifty-two week low of $51.40 and a fifty-two week high of $98.45. The firm has a market capitalization of $59.91 billion, a PE ratio of 6.12, a PEG ratio of 0.24 and a beta of 1.28. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 3.11.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.25. Micron Technology had a return on equity of 22.31% and a net margin of 30.61%. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.66 billion. During the same quarter in the prior year, the firm posted $1.81 EPS. Micron Technology’s quarterly revenue was up 16.4% compared to the same quarter last year. Equities analysts forecast that Micron Technology will post 9 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 26th. Stockholders of record on Monday, July 11th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.86%. This is a boost from Micron Technology’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, July 8th. Micron Technology’s dividend payout ratio (DPR) is presently 4.56%.

Several large investors have recently made changes to their positions in MU. Private Trust Co. NA raised its stake in shares of Micron Technology by 8.9% in the fourth quarter. Private Trust Co. NA now owns 5,129 shares of the semiconductor manufacturer’s stock worth $478,000 after purchasing an additional 418 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Micron Technology in the fourth quarter worth about $5,657,000. HBW Advisory Services LLC purchased a new position in shares of Micron Technology in the fourth quarter worth about $208,000. Bank of New Hampshire raised its stake in shares of Micron Technology by 0.8% in the fourth quarter. Bank of New Hampshire now owns 18,826 shares of the semiconductor manufacturer’s stock worth $1,754,000 after purchasing an additional 147 shares during the last quarter. Finally, Stonnington Group LLC purchased a new position in shares of Micron Technology in the fourth quarter worth about $659,000. Hedge funds and other institutional investors own 80.35% of the company’s stock.

Micron Technology Company Profile (Get Rating)

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.

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