Micron Technology, Inc. (MU) Given Average Recommendation of “Buy” by Analysts
Micron Technology, Inc. (NASDAQ:MU) has been given a consensus rating of “Buy” by the thirty-four analysts that are covering the firm. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, twenty-six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $32.27.
Several equities analysts have recently issued reports on the company. Macquarie assumed coverage on Micron Technology in a research report on Thursday, March 30th. They set an “outperform” rating and a $35.00 target price for the company. Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 target price on shares of Micron Technology in a research report on Friday, May 12th. Goldman Sachs Group Inc lowered Micron Technology from a “buy” rating to a “neutral” rating in a research report on Monday, May 15th. MKM Partners restated a “buy” rating and set a $38.00 target price (up from $34.00) on shares of Micron Technology in a research report on Tuesday, March 28th. Finally, Loop Capital restated a “buy” rating and set a $35.00 target price (up from $30.00) on shares of Micron Technology in a research report on Tuesday, March 28th.
In other news, Director Mercedes Johnson sold 27,242 shares of the company’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $27.66, for a total transaction of $753,513.72. Following the completion of the sale, the director now directly owns 54,533 shares in the company, valued at approximately $1,508,382.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP April S. Arnzen sold 10,638 shares of the company’s stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $28.95, for a total value of $307,970.10. Following the sale, the vice president now owns 57,792 shares of the company’s stock, valued at $1,673,078.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 229,380 shares of company stock worth $6,547,444. Insiders own 0.69% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Winslow Capital Management LLC bought a new stake in Micron Technology during the third quarter worth $200,253,000. Norges Bank bought a new stake in Micron Technology during the fourth quarter worth $217,749,000. Arrowstreet Capital Limited Partnership increased its stake in Micron Technology by 2,047.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,798,500 shares of the semiconductor manufacturer’s stock worth $149,023,000 after buying an additional 6,481,879 shares during the last quarter. Vanguard Group Inc. increased 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 worth $2,489,492,000 after buying an additional 4,004,759 shares during the last quarter. Finally, Janus Capital Management LLC increased its stake in Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock worth $161,085,000 after buying an additional 3,896,978 shares during the last quarter. Hedge funds and other institutional investors own 81.43% of the company’s stock.
Micron Technology (NASDAQ:MU) opened at 29.43 on Friday. The company has a 50-day moving average of $27.91 and a 200-day moving average of $24.13. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 45.84 and a beta of 1.93. Micron Technology has a 12 month low of $11.50 and a 12 month high of $29.87. Micron Technology also saw unusually large options trading on Thursday. Traders purchased 18,288 call options on the stock. This represents an increase of 131% compared to the typical volume of 7,904 call options.
Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.06. The company had revenue of $4.65 billion during 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 revenue for the quarter was up 58.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 EPS. Analysts predict that Micron Technology will post $4.28 EPS for the current year.
About Micron Technology
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