Micron Technology (NASDAQ:MU) Stock Rating Lowered by Bank of America

Bank of America cut shares of Micron Technology (NASDAQ:MU) from a buy rating to a neutral rating in a research note released on Thursday, MarketBeat Ratings reports. The firm currently has $110.00 price target on the semiconductor manufacturer’s stock, down from their previous price target of $125.00.

Other research analysts also recently issued research reports about the company. China Renaissance assumed coverage on Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 target price for the company. KeyCorp lowered their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a report on Tuesday. Wells Fargo & Company lowered their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Finally, Sanford C. Bernstein lowered their price target on Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $132.26.

Micron Technology Price Performance

NASDAQ MU traded down $0.62 during trading hours on Thursday, hitting $86.47. The company had a trading volume of 12,603,668 shares, compared to its average volume of 21,856,740. Micron Technology has a 52 week low of $79.15 and a 52 week high of $157.54. The firm has a 50 day simple moving average of $103.48 and a 200 day simple moving average of $108.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The firm has a market capitalization of $96.33 billion, a price-to-earnings ratio of 127.16 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter last year, the company earned ($0.95) EPS. The firm’s revenue was up 84.3% compared to the same quarter last year. Equities research analysts expect that Micron Technology will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is presently 13.26%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was 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 $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Advisory Services LLC boosted its position in Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after acquiring an additional 98 shares in the last quarter. Stonebrook Private Inc. boosted its position in Micron Technology by 4.2% during the 3rd quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after acquiring an additional 98 shares in the last quarter. LRI Investments LLC boosted its position in Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares in the last quarter. John G Ullman & Associates Inc. boosted its position in Micron Technology by 2.5% during the 3rd quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock valued at $421,000 after acquiring an additional 100 shares in the last quarter. Finally, Cornerstone Wealth Group LLC boosted its position in Micron Technology by 5.6% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock valued at $257,000 after acquiring an additional 103 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other 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.