Micron Technology, Inc. (NASDAQ:MU) Receives “Buy” Rating from Macquarie
Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by equities researchers at Macquarie in a report released on Tuesday.
A number of other analysts have also recently weighed in on MU. Needham & Company LLC reissued a “buy” rating on shares of Micron Technology in a report on Thursday, June 8th. Stifel Nicolaus reissued a “buy” rating on shares of Micron Technology in a report on Monday, June 26th. Barclays PLC raised their price objective on shares of Micron Technology from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, June 27th. Zacks Investment Research raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a report on Tuesday, June 27th. Finally, Rosenblatt Securities reissued a “buy” rating on shares of Micron Technology in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.29.
Micron Technology (MU) traded up 0.33% on Tuesday, hitting $30.20. 22,023,123 shares of the company traded hands. Micron Technology has a 12 month low of $12.38 and a 12 month high of $32.96. The firm has a market capitalization of $33.52 billion, a P/E ratio of 13.26 and a beta of 1.78. The stock’s 50-day moving average is $30.40 and its 200 day moving average is $26.28.
Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.25. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.41 billion. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The firm’s revenue was up 92.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. Equities analysts forecast that Micron Technology will post $4.71 EPS for the current fiscal year.
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In other news, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $29.35, for a total transaction of $88,050.00. Following the completion of the sale, the director now owns 124,384 shares in the company, valued at approximately $3,650,670.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP April S. Arnzen sold 1,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $27.85, for a total value of $27,850.00. Following the sale, the vice president now owns 53,542 shares of the company’s stock, valued at approximately $1,491,144.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,242 shares of company stock valued at $1,250,284. Corporate insiders own 0.69% of the company’s stock.
Several hedge funds have recently modified their holdings of MU. Guardian Life Insurance Co. of America boosted its stake in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after buying an additional 13 shares during the last quarter. First Personal Financial Services boosted its stake in shares of Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock worth $122,000 after buying an additional 2,083 shares during the last quarter. Washington Trust Bank boosted its stake in shares of Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock worth $126,000 after buying an additional 63 shares during the last quarter. Coconut Grove Bank boosted its stake in shares of Micron Technology by 1,422.5% in the first quarter. Coconut Grove Bank now owns 5,405 shares of the semiconductor manufacturer’s stock worth $156,000 after buying an additional 5,050 shares during the last quarter. Finally, Prospera Financial Services Inc purchased a new stake in shares of Micron Technology during the first quarter worth about $201,000. Institutional investors and hedge funds own 79.75% of the company’s stock.
Micron Technology Company Profile
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