Micron Technology, Inc. (MU) Upgraded to “Buy” by BidaskClub
Micron Technology, Inc. (NASDAQ:MU) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.
Other equities analysts have also issued reports about the company. Credit Suisse Group reaffirmed a “buy” rating on shares of Micron Technology in a research note on Sunday, July 2nd. Robert W. Baird reaffirmed an “outperform” rating and set a $40.00 price target on shares of Micron Technology in a research note on Monday, May 1st. Needham & Company LLC reaffirmed a “buy” rating on shares of Micron Technology in a research note on Thursday, June 8th. Zacks Investment Research lowered Micron Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 24th. Finally, Deutsche Bank AG increased their price target on Micron Technology from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, June 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $35.65.
Micron Technology (NASDAQ MU) traded up 2.57% during mid-day trading on Friday, hitting $30.38. The company had a trading volume of 31,178,131 shares. Micron Technology has a 52-week low of $15.38 and a 52-week high of $32.96. The stock’s 50 day moving average price is $29.95 and its 200 day moving average price is $28.20. The firm has a market cap of $33.72 billion, a P/E ratio of 13.34 and a beta of 1.76. Micron Technology also was the target of unusually large options trading on Wednesday. Stock investors purchased 41,784 put options on the company. This is an increase of 107% compared to the typical volume of 20,197 put options.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.41 billion. During the same period in the prior year, the company posted ($0.08) EPS. The business’s revenue for the quarter was up 92.2% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology will post $4.71 EPS for the current fiscal year.
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In related news, VP Scott J. Deboer sold 10,000 shares of Micron Technology stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the sale, the vice president now directly owns 150,232 shares of the company’s stock, valued at $4,807,424. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lawrence N. Mondry sold 25,000 shares of Micron Technology stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $30.62, for a total value of $765,500.00. Following the sale, the director now directly owns 177,367 shares in the company, valued at $5,430,977.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,250 shares of company stock worth $2,207,515. 0.69% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in MU. WFG Advisors LP increased its stake in Micron Technology by 25.3% in the second quarter. WFG Advisors LP now owns 11,650 shares of the semiconductor manufacturer’s stock worth $348,000 after buying an additional 2,350 shares during the period. Toronto Dominion Bank boosted its position in shares of Micron Technology by 25.9% in the second quarter. Toronto Dominion Bank now owns 352,381 shares of the semiconductor manufacturer’s stock worth $10,520,000 after buying an additional 72,601 shares in the last quarter. Cetera Investment Advisers acquired a new position in shares of Micron Technology during the second quarter worth approximately $874,000. Advisory Services Network LLC boosted its position in shares of Micron Technology by 149.8% in the second quarter. Advisory Services Network LLC now owns 51,481 shares of the semiconductor manufacturer’s stock worth $1,537,000 after buying an additional 30,874 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Micron Technology during the second quarter worth approximately $4,121,000. 80.36% of the stock is currently owned by institutional investors and hedge funds.
About Micron Technology
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