Micron Technology Inc. (MU) Receives “Underperform” Rating from Needham & Company LLC
Micron Technology Inc. (NASDAQ:MU)‘s stock had its “underperform” rating reaffirmed by Needham & Company LLC in a research note issued on Friday.
A number of other equities analysts also recently commented on MU. Sterne Agee CRT reaffirmed a “positive” rating and set a $18.00 price objective on shares of Micron Technology in a report on Thursday, June 9th. Morgan Stanley reissued a “buy” rating on shares of Micron Technology in a report on Friday, June 10th. Bank of America Corp. reissued a “sell” rating on shares of Micron Technology in a report on Friday, June 10th. Robert W. Baird reissued a “buy” rating and set a $18.00 price target on shares of Micron Technology in a report on Friday, June 17th. Finally, Nomura raised shares of Micron Technology from a “reduce” rating to a “buy” rating and lifted their price target for the company from $8.00 to $18.00 in a report on Wednesday, June 22nd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $18.35.
Micron Technology (NASDAQ:MU) traded down 0.68% during mid-day trading on Friday, reaching $17.61. 23,836,361 shares of the company traded hands. Micron Technology has a one year low of $9.31 and a one year high of $19.30. The stock’s 50-day moving average price is $17.03 and its 200-day moving average price is $13.29. The firm’s market cap is $18.26 billion.
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Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.12. The company earned $3.22 billion during the quarter. Micron Technology had a negative net margin of 2.23% and a positive return on equity of 0.50%. Micron Technology’s revenue was down 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.37 earnings per share. Analysts forecast that Micron Technology will post $1.12 earnings per share for the current fiscal year.
In related news, VP April S. Arnzen sold 11,424 shares of the stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $17.72, for a total value of $202,433.28. Following the transaction, the vice president now directly owns 39,993 shares in the company, valued at approximately $708,675.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Scott J. Deboer sold 31,500 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $17.05, for a total value of $537,075.00. Following the completion of the transaction, 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. Insiders own 0.85% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Credit Capital Investments LLC boosted its position 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 period. Standard Life Investments LTD bought a new position in shares of Micron Technology during the second quarter valued at $89,591,000. CI Investments Inc. bought a new position in shares of Micron Technology during the second quarter valued at $86,285,000. Primecap Management Co. CA boosted its position 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 period. Finally, Natixis boosted its position in shares of Micron Technology by 90.7% in the first quarter. Natixis now owns 6,019,111 shares of the semiconductor manufacturer’s stock valued at $63,020,000 after buying an additional 2,862,897 shares during the period. Institutional investors and hedge funds own 81.42% of the company’s stock.
About Micron Technology
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