Micron Technology, Inc. (NASDAQ:MU) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• Micron Technology has received a consensus recommendation of "Buy" from thirty analysts, with an average one-year price objective of $184.77.
• Insider trading reveals that CEO Sanjay Mehrotra sold 13,798 shares at an average price of $162.20, decreasing his ownership in the company.
• The firm declared a quarterly dividend of $0.115 per share, which is set to be paid on October 21st, reflecting a 0.3% dividend yield.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) has been assigned a consensus recommendation of "Buy" from the thirty analysts that are currently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $184.7692.

Several equities analysts recently commented on MU shares. TD Cowen increased their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, September 19th. KGI Securities raised shares of Micron Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 24th. Wedbush raised their price target on shares of Micron Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Erste Group Bank initiated coverage on shares of Micron Technology in a research note on Thursday, August 14th. They set a "buy" rating for the company. Finally, Needham & Company LLC raised their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $183.75 on Friday. The company has a market cap of $205.64 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 0.40 and a beta of 1.56. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79. The firm has a 50 day simple moving average of $133.36 and a 200 day simple moving average of $110.11. Micron Technology has a one year low of $61.54 and a one year high of $186.18.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. Micron Technology's dividend payout ratio (DPR) is presently 6.06%.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 13,798 shares of the firm's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the completion of the transaction, the chief executive officer owned 325,148 shares of the company's stock, valued at approximately $52,739,005.60. This trade represents a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard M. Beyer sold 5,552 shares of the firm's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $155.68, for a total transaction of $864,335.36. Following the transaction, the director directly owned 96,031 shares of the company's stock, valued at $14,950,106.08. The trade was a 5.47% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,456 shares of company stock valued at $12,985,545. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently modified their holdings of MU. First Command Advisory Services Inc. increased its position in shares of Micron Technology by 225.0% during the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock worth $27,000 after buying an additional 153 shares during the period. Howard Hughes Medical Institute acquired a new stake in shares of Micron Technology during the second quarter worth $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology during the first quarter worth $33,000. AlphaQuest LLC increased its position in shares of Micron Technology by 13,250.0% during the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock worth $33,000 after buying an additional 265 shares during the period. Finally, WealthCollab LLC increased its position in shares of Micron Technology by 4,500.0% during the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 270 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.

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