Micron Technology Inc. (NASDAQ:MU) Receives Average Rating of “Buy” from Analysts
Micron Technology Inc. (NASDAQ:MU) has been assigned a consensus rating of “Buy” from the forty brokerages that are currently covering the company. Four analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, twenty-eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $17.42.
A number of brokerages have commented on MU. Deutsche Bank AG reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Micron Technology in a report on Wednesday, June 1st. Pacific Crest reaffirmed a “hold” rating on shares of Micron Technology in a report on Sunday, June 26th. Vetr lowered Micron Technology from a “buy” rating to a “hold” rating and set a $13.20 price objective on the stock. in a report on Tuesday, May 31st. Morgan Stanley reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Micron Technology in a report on Saturday, June 4th. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $13.00 price objective (up from $10.00) on shares of Micron Technology in a report on Monday, June 6th.
Shares of Micron Technology (NASDAQ:MU) traded down 0.53% during trading on Tuesday, reaching $16.86. 11,728,424 shares of the company’s stock were exchanged. Micron Technology has a 52 week low of $9.31 and a 52 week high of $19.30. The firm has a market capitalization of $17.51 billion, a PE ratio of 48.45 and a beta of 1.81. The company’s 50-day moving average price is $15.86 and its 200 day moving average price is $12.71.
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Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The firm had revenue of $2.90 billion for the quarter. During the same period in the prior year, the company earned $0.54 earnings per share. The business’s quarterly revenue was down 24.8% compared to the same quarter last year. Analysts predict that Micron Technology will post ($0.02) EPS for the current fiscal year.
In other Micron Technology news, VP Brian Shirley sold 48,750 shares of the business’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $12.37, for a total value of $603,037.50. Following the sale, the vice president now directly owns 381,264 shares in the company, valued at $4,716,235.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Scott J. Deboer sold 31,500 shares of the business’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $17.05, for a total value of $537,075.00. Following the completion of the sale, the vice president now owns 207,265 shares in the company, valued at $3,533,868.25. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.
Several hedge funds have recently modified their holdings of MU. Norges Bank purchased a new stake in shares of Micron Technology during the fourth quarter valued at about $146,674,000. Credit Capital Investments LLC raised its stake in shares of Micron Technology by 1,102.1% in the second quarter. Credit Capital Investments LLC now owns 10,526,400 shares of the semiconductor manufacturer’s stock valued at $10,526,000 after buying an additional 9,650,700 shares during the last quarter. Standard Life Investments LTD purchased a new stake in shares of Micron Technology during the second quarter valued at about $89,591,000. CI Investments Inc. purchased a new stake in shares of Micron Technology during the second quarter valued at about $86,285,000. Finally, Primecap Management Co. CA raised its stake in shares of Micron Technology by 11.6% in the first quarter. Primecap Management Co. CA now owns 57,143,016 shares of the semiconductor manufacturer’s stock valued at $598,287,000 after buying an additional 5,961,872 shares during the last quarter. Hedge funds and other institutional investors own 82.25% of the company’s stock.
About Micron Technology
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