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.
Analyst Ratings Changes
MU has been the topic of several research analyst reports. Needham & Company LLC cut their target price on shares of Micron Technology from $80.00 to $64.00 and set a "buy" rating on the stock in a research note on Friday, July 1st. Cowen cut their price target on shares of Micron Technology from $90.00 to $70.00 and set an "outperform" rating for the company in a research report on Friday, July 1st. Mizuho decreased their price target on shares of Micron Technology from $84.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, August 10th. Piper Sandler decreased their target price on Micron Technology from $70.00 to $50.00 and set an "underweight" rating for the company in a research report on Thursday, June 30th. Finally, Bank of America cut shares of Micron Technology from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $70.00 to $62.00 in a research note on Friday, July 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and a consensus price target of $86.54.
Micron Technology Price Performance
Shares of NASDAQ:MU opened at $61.62 on Thursday. The firm has a market cap of $67.98 billion, a price-to-earnings ratio of 7.03, a price-to-earnings-growth ratio of 0.60 and a beta of 1.28. Micron Technology has a 1-year low of $51.40 and a 1-year high of $98.45. The company has a current ratio of 3.24, a quick ratio of 2.44 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $59.93 and a two-hundred day simple moving average of $71.03.
Micron Technology (NASDAQ:MU - Get Rating) last issued its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.17. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.66 billion. Micron Technology had a return on equity of 21.91% and a net margin of 30.61%. The company's revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.81 earnings per share. Analysts anticipate that Micron Technology will post 8 earnings per share for the current year.
Micron Technology Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 26th. Investors of record on Monday, July 11th were paid a dividend of $0.115 per share. This is a boost from Micron Technology's previous quarterly dividend of $0.10. The ex-dividend date was Friday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.75%. Micron Technology's payout ratio is 5.25%.
