Micron Technology Receives Consensus Recommendation of “Buy” from Analysts (NYSE:MU)
Micron Technology (NYSE:MU) has been given an average rating of “Buy” by the thirty-two ratings firms that are covering the company, AR Network reports. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $34.15.
Shares of Micron Technology (NYSE:MU) traded up 1.44% during mid-day trading on Wednesday, hitting $34.51. 3,215,037 shares of the company’s stock traded hands. Micron Technology has a 52-week low of $12.31 and a 52-week high of $34.50. The stock has a 50-day moving average of $31.32 and a 200-day moving average of $26.05. The company has a market cap of $36.954 billion and a P/E ratio of 11.22.
Micron Technology (NYSE:MU) last released its earnings data on Monday, June 23rd. The company reported $0.79 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.10. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up 71.8% on a year-over-year basis. Analysts expect that Micron Technology will post $3.21 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Credit Suisse upgraded shares of Micron Technology to a “focus list” rating in a research note on Monday, June 30th. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Micron Technology in a research note on Wednesday, June 25th. They now have a $39.00 price target on the stock. Finally, analysts at Macquarie reiterated a “neutral” rating on shares of Micron Technology in a research note on Wednesday, June 25th. They now have a $35.00 price target on the stock, up previously from $28.00.
In other Micron Technology news, CFO Ronald C. Foster sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $32.57, for a total value of $651,400.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Micron Technology, Inc, is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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