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. The company offers memory products for the cloud server, enterprise, client, graphics, and networking 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; other 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.
Wall Street Analysts Forecast Growth
MU has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Micron Technology from $70.00 to $68.00 and set a "buy" rating on the stock in a report on Wednesday, August 10th. Cowen lowered their price target on shares of Micron Technology from $90.00 to $70.00 and set an "outperform" rating on the stock in a research report on Friday, July 1st. Needham & Company LLC lowered their price target on shares of Micron Technology from $80.00 to $64.00 and set a "buy" rating on the stock in a research report on Friday, July 1st. Raymond James lowered shares of Micron Technology from a "strong-buy" rating to an "outperform" rating and decreased their target price for the stock from $72.00 to $65.00 in a report on Tuesday, August 9th. Finally, Piper Sandler decreased their target price on shares of Micron Technology from $70.00 to $50.00 and set an "underweight" rating on the stock in a report on Thursday, June 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $86.54.
Micron Technology Stock Up 2.2 %
Shares of Micron Technology stock opened at $62.98 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.24 and a quick ratio of 2.44. The company has a 50-day moving average of $59.87 and a 200 day moving average of $70.90. The firm has a market cap of $69.48 billion, a price-to-earnings ratio of 7.18, a PEG ratio of 0.59 and a beta of 1.28. Micron Technology has a 1 year low of $51.40 and a 1 year high of $98.45.
Micron Technology (NASDAQ:MU - Get Rating) last released its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.33 by $0.17. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.66 billion. Micron Technology had a net margin of 30.61% and a return on equity of 21.91%. Micron Technology's revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business earned $1.81 EPS. As a group, sell-side analysts anticipate that Micron Technology will post 8 earnings per share for the current fiscal year.
Micron Technology Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 26th. Stockholders of record on Monday, July 11th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date was Friday, July 8th. This is an increase from Micron Technology's previous quarterly dividend of $0.10. Micron Technology's dividend payout ratio (DPR) is presently 5.25%.
Insider Activity
In other news, SVP Michael W. Bokan sold 16,600 shares of the firm's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $63.82, for a total transaction of $1,059,412.00. Following the sale, the senior vice president now owns 119,126 shares of the company's stock, valued at approximately $7,602,621.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.32% of the company's stock.
