Micron Technology, Inc. (MU) Stock Rating Reaffirmed by Credit Suisse Group
Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “outperform” rating restated by investment analysts at Credit Suisse Group in a research note issued to investors on Thursday.
Other equities research analysts have also issued research reports about the stock. UBS AG reaffirmed an “average” rating and issued a $36.00 price objective (up previously from $32.00) on shares of Micron Technology in a research note on Friday, June 30th. Standpoint Research lowered shares of Micron Technology from a “buy” rating to a “reduce” rating in a research note on Wednesday, May 24th. Macquarie reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Micron Technology in a research note on Wednesday, June 14th. BidaskClub lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, ValuEngine lowered shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-eight 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 an average price target of $35.65.
Shares of Micron Technology (NASDAQ MU) traded up 1.11% on Thursday, hitting $31.96. The company had a trading volume of 20,518,801 shares. Micron Technology has a 12-month low of $16.14 and a 12-month high of $32.96. The company has a market cap of $35.48 billion, a price-to-earnings ratio of 14.04 and a beta of 1.76. The company has a 50 day moving average of $29.99 and a 200-day moving average of $28.40.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.25. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.41 billion. During the same quarter in the previous year, the business earned ($0.08) EPS. Micron Technology’s quarterly revenue was up 92.2% compared to the same quarter last year. On average, analysts forecast that Micron Technology will post $4.71 earnings per share for the current year.
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In other Micron Technology news, CFO Ernest E. Maddock acquired 3,400 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average cost of $27.89 per share, for a total transaction of $94,826.00. Following the completion of the acquisition, the chief financial officer now directly owns 192,385 shares of the company’s stock, valued at approximately $5,365,617.65. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $29.35, for a total transaction of $88,050.00. Following the completion of the transaction, the director now owns 124,384 shares in the company, valued at $3,650,670.40. The disclosure for this sale can be found here. Insiders sold 70,250 shares of company stock worth $2,176,765 over the last 90 days. 0.69% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MU. Capital Research Global Investors raised its position in shares of Micron Technology by 386.6% in the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock valued at $1,188,259,000 after buying an additional 31,616,346 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Micron Technology by 292.8% in the second quarter. Janus Henderson Group PLC now owns 11,850,988 shares of the semiconductor manufacturer’s stock valued at $353,885,000 after buying an additional 8,834,274 shares in the last quarter. Vanguard Group Inc. raised its position in shares of 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 in the last quarter. Janus Capital Management LLC raised its position in shares of 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 valued at $161,085,000 after buying an additional 3,896,978 shares in the last quarter. Finally, Westpac Banking Corp raised its position in shares of Micron Technology by 790.9% in the first quarter. Westpac Banking Corp now owns 3,656,771 shares of the semiconductor manufacturer’s stock valued at $113,251,000 after buying an additional 3,246,321 shares in the last quarter. Institutional investors and hedge funds own 79.33% of the company’s stock.
About Micron Technology
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