Micron Technology, Inc. (MU) Rating Lowered to Reduce at Standpoint Research
Micron Technology, Inc. (NASDAQ:MU) was downgraded by stock analysts at Standpoint Research from a “buy” rating to a “reduce” rating in a research report issued on Wednesday.
Several other brokerages also recently issued reports on MU. Vetr downgraded Micron Technology from a “strong-buy” rating to a “buy” rating and set a $28.60 price objective for the company. in a research report on Monday, March 6th. Goldman Sachs Group Inc downgraded Micron Technology from a “buy” rating to a “neutral” rating in a research report on Monday, May 15th. MKM Partners initiated coverage on Micron Technology in a research report on Wednesday, February 22nd. They set a “buy” rating and a $30.00 price objective for the company. Pacific Crest restated a “fair value” rating and set a $32.00 price objective on shares of Micron Technology in a research report on Friday, March 24th. Finally, Deutsche Bank AG lifted their price objective on Micron Technology from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $31.18.
Shares of Micron Technology (NASDAQ:MU) traded up 2.103% during trading on Wednesday, hitting $28.885. The company’s stock had a trading volume of 8,980,389 shares. The stock has a market cap of $31.96 billion, a PE ratio of 44.992 and a beta of 1.93. Micron Technology has a one year low of $11.42 and a one year high of $29.87. The company has a 50-day moving average price of $27.87 and a 200-day moving average price of $24.05.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.06. The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.65 billion. Micron Technology had a positive return on equity of 0.81% and a negative net margin of 2.32%. The company’s quarterly revenue was up 58.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.01 EPS. Equities analysts predict that Micron Technology will post $4.28 EPS for the current fiscal year.
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In related news, VP Scott J. Deboer sold 51,500 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $28.80, for a total transaction of $1,483,200.00. Following the sale, the vice president now owns 221,732 shares in the company, valued at $6,385,881.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Steven L. Thorsen, Jr. sold 50,000 shares of the stock in a transaction dated Wednesday, March 29th. The stock was sold at an average price of $28.46, for a total transaction of $1,423,000.00. Following the sale, the vice president now owns 245,690 shares in the company, valued at approximately $6,992,337.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 229,380 shares of company stock worth $6,547,444. Company insiders own 0.69% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in MU. Vanguard Group Inc. raised its stake in Micron Technology by 4.9% in the first quarter. Vanguard Group Inc. now owns 86,141,622 shares of the semiconductor manufacturer’s stock valued at $2,489,492,000 after buying an additional 4,004,759 shares during the period. Dimensional Fund Advisors LP raised its stake in Micron Technology by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 14,005,627 shares of the semiconductor manufacturer’s stock valued at $404,753,000 after buying an additional 117,152 shares during the period. Winslow Capital Management LLC acquired a new stake in Micron Technology during the third quarter valued at $200,253,000. Geode Capital Management LLC raised its stake in Micron Technology by 11.4% in the first quarter. Geode Capital Management LLC now owns 11,008,178 shares of the semiconductor manufacturer’s stock valued at $317,719,000 after buying an additional 1,128,565 shares during the period. Finally, Norges Bank acquired a new stake in Micron Technology during the fourth quarter valued at $217,749,000. Hedge funds and other institutional investors own 81.43% of the company’s stock.
About Micron Technology
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