Nomura Increases Micron Technology Inc. (MU) Price Target to $23.00
Micron Technology Inc. (NASDAQ:MU) had its price objective boosted by equities researchers at Nomura from $20.00 to $23.00 in a research note issued to investors on Wednesday. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Nomura’s target price would suggest a potential upside of 35.93% from the stock’s current price.
Other research analysts have also issued research reports about the company. Morgan Stanley restated a “buy” rating on shares of Micron Technology in a research report on Friday, June 10th. Evercore ISI reiterated a “buy” rating on shares of Micron Technology in a report on Wednesday, June 8th. Vetr lowered Micron Technology from a “strong-buy” rating to a “buy” rating and set a $12.73 price target for the company. in a report on Tuesday, May 24th. Deutsche Bank AG reiterated a “buy” rating and issued a $16.00 price target on shares of Micron Technology in a report on Wednesday, June 1st. Finally, Robert W. Baird reiterated a “buy” rating and issued a $18.00 price target on shares of Micron Technology in a report on Friday, June 17th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Micron Technology currently has a consensus rating of “Buy” and an average price target of $17.72.
Micron Technology (NASDAQ:MU) traded up 3.72% on Wednesday, reaching $17.55. The company had a trading volume of 6,974,279 shares. The stock’s 50-day moving average is $15.96 and its 200-day moving average is $12.74. Micron Technology has a 52 week low of $9.31 and a 52 week high of $19.30. The company has a market capitalization of $18.22 billion, a P/E ratio of 50.43 and a beta of 1.81.
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Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. The company earned $2.90 billion during the quarter. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The company’s revenue was down 24.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 EPS. Equities research analysts forecast 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 company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $12.37, for a total value of $603,037.50. Following the sale, the vice president now owns 381,264 shares of the company’s stock, valued at $4,716,235.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Scott J. Deboer sold 31,500 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $17.05, for a total transaction of $537,075.00. Following the completion of the sale, the vice president now directly owns 207,265 shares in the company, valued at approximately $3,533,868.25. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc increased its stake in shares of Micron Technology by 7.1% in the first quarter. Legal & General Group Plc now owns 4,715,912 shares of the semiconductor manufacturer’s stock valued at $49,372,000 after buying an additional 313,567 shares during the period. Squarepoint Ops LLC increased its stake in shares of Micron Technology by 1,250.7% in the first quarter. Squarepoint Ops LLC now owns 310,495 shares of the semiconductor manufacturer’s stock valued at $3,251,000 after buying an additional 287,507 shares during the period. Hermes Investment Management Ltd. raised its position in Micron Technology by 6.6% in the second quarter. Hermes Investment Management Ltd. now owns 1,586,615 shares of the semiconductor manufacturer’s stock worth $21,832,000 after buying an additional 98,100 shares in the last quarter. Nordea Investment Management AB raised its position in Micron Technology by 1.2% in the second quarter. Nordea Investment Management AB now owns 115,002 shares of the semiconductor manufacturer’s stock worth $1,582,000 after buying an additional 1,402 shares in the last quarter. Finally, Natixis raised its position in Micron Technology by 90.7% in the first quarter. Natixis now owns 6,019,111 shares of the semiconductor manufacturer’s stock worth $63,020,000 after buying an additional 2,862,897 shares in the last quarter. 81.42% of the stock is currently owned by institutional investors.
About Micron Technology
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