The price of Micron Technology Inc. (NASDAQ:MU) shares last traded on Wall Street fell -6.70% to $58.87.
Based on available information, 39 analysts follow Micron Technology Inc. (NASDAQ:MU). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $100.00 and a low of $45.00, we find $68.00. Given the previous closing price of $63.10, this indicates a potential upside of 7.77 percent. MU stock price is now 8.73% away from the 50-day moving average and -10.71% away from the 200-day moving average. The market capitalization of the company currently stands at $61.70B.
Among analysts, 7 rate the stock a hold while 25 rate it a buy. Brokers who have rated the stock have averaged $67.45 as their price target over the next twelve months.
With the price target of $78, Credit Suisse recently initiated with Outperform rating for Micron Technology Inc. (NASDAQ: MU). On October 14, 2022, Loop Capital recently initiated its ‘Buy’ rating on the stock quoting a target price of $70, while ‘Summit Insights’ rates the stock as ‘Buy’.
In other news, Bokan Michael W, SVP, Worldwide Sales sold 16,600 shares of the company’s stock on Aug 16. The stock was sold for $1,059,450 at an average price of $63.82. Upon completion of the transaction, the SVP, Worldwide Sales now directly owns 119,126 shares in the company, valued at $7.01 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 24, SVP, Chief People Officer ARNZEN APRIL S sold 5,600 shares of the business’s stock. A total of $425,600 was realized by selling the stock at an average price of $76.00. This leaves the insider owning 89,172 shares of the company worth $5.25 million. Insiders disposed of 828,679 shares of company stock worth roughly $48.78 million over the past 1 year. A total of 0.20% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MU stock. A new stake in Micron Technology Inc. shares was purchased by RENAISSANCE TECHNOLOGIES LLC during the first quarter worth $439,602,000. D1 CAPITAL PARTNERS L.P. invested $181,320,000 in shares of MU during the first quarter. In the first quarter, TWO SIGMA INVESTMENTS, LP acquired a new stake in Micron Technology Inc. valued at approximately $130,868,000. VOLORIDGE INVESTMENT MANAGEMENT, LLC acquired a new stake in MU for approximately $73,459,000. SOUND SHORE MANAGEMENT INC /CT/ purchased a new stake in MU valued at around $59,436,000 in the second quarter. In total, there are 1,854 active investors with 83.70% ownership of the company’s stock.
A candlestick chart of Micron Technology Inc. (NASDAQ: MU) showed a price of $60.53 on Wednesday morning. During the past 12 months, Micron Technology Inc. has had a low of $48.45 and a high of $98.45. As of last week, the company has a debt-to-equity ratio of 0.14, a current ratio of 2.90, and a quick ratio of 2.00. The fifty day moving average price for MU is $54.14 and a two-hundred day moving average price translates $65.93 for the stock.
The latest earnings results from Micron Technology Inc. (NASDAQ: MU) was released for Aug, 2022. According to the Semiconductors Company, earnings per share came in at $1.45, beating analysts’ expectations of $1.3 by 0.15. This compares to $2.39 EPS in the same period last year. The net profit margin was 28.20% and return on equity was 18.00% for MU. The company reported revenue of $6.64 billion for the quarter, compared to $8.27 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -19.71 percent. For the current quarter, analysts expect MU to generate $4.25B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/26/2022. Investors who held shares on 10/11/2022 were paid a $0.115 dividend. On an annualized basis, this represents a $0.46 dividend and a 0.78% percent yield. There was an ex-dividend date of 10/07/2022 for this dividend. In terms of dividend payout ratio, MU is presently at 5.30%.
Micron Technology Inc.(MU) 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 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. The company offers memory products for the cloud server, enterprise, client, graphics, networking, industrial, and automotive markets, as well as for smartphone and other mobile-device markets; SSDs and component-level solutions for the enterprise and cloud, client, and consumer storage markets; discrete storage products in component and wafers; and memory and storage products for the automotive, industrial, and consumer markets. It markets its products through its direct sales force, independent sales representatives, distributors, and retailers; and web-based customer direct sales channel, as well as through channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.