Micron Technology, Inc. (MU) Stock Rating Reaffirmed by Credit Suisse Group
Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “outperform” rating reaffirmed by research analysts at Credit Suisse Group in a research note issued to investors on Wednesday. They presently have a $40.00 target price on the semiconductor manufacturer’s stock. Credit Suisse Group’s target price would indicate a potential upside of 23.27% from the company’s previous close.
Several other equities analysts also recently weighed in on MU. UBS AG reissued an “average” rating and issued a $36.00 price target (up from $32.00) on shares of Micron Technology in a research note on Friday, June 30th. Morgan Stanley reissued an “overweight” rating and issued a $36.00 price target on shares of Micron Technology in a research note on Wednesday. Citigroup Inc. reissued a “buy” rating and issued a $45.00 price target on shares of Micron Technology in a research note on Wednesday, August 2nd. Robert W. Baird restated an “outperform” rating and set a $48.00 price objective on shares of Micron Technology in a research report on Wednesday, August 23rd. Finally, J P Morgan Chase & Co restated a “buy” rating on shares of Micron Technology in a research report on Tuesday, August 29th. One 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 issued a strong buy rating to the stock. Micron Technology presently has an average rating of “Buy” and an average target price of $35.65.
Micron Technology (MU) traded down 1.04% during mid-day trading on Wednesday, hitting $32.45. 19,649,272 shares of the stock were exchanged. Micron Technology has a 52-week low of $16.17 and a 52-week high of $33.02. The stock has a market cap of $36.02 billion, a PE ratio of 14.25 and a beta of 1.75. The stock’s 50 day moving average is $30.12 and its 200 day moving average is $28.93.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.25. The firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.41 billion. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The company’s revenue for the quarter was up 92.2% on a year-over-year basis. During the same period last year, the firm posted ($0.08) earnings per share. Analysts forecast that Micron Technology will post $4.72 EPS for the current fiscal year.
In other news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 124,384 shares of the company’s stock, valued at approximately $3,650,670.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ernest E. Maddock purchased 3,400 shares of the stock in a transaction dated Friday, August 11th. The shares were bought at an average cost of $27.89 per share, for a total transaction of $94,826.00. Following the completion of the purchase, the chief financial officer now owns 192,385 shares in the company, valued at $5,365,617.65. The disclosure for this purchase can be found here. Insiders sold a total of 63,577 shares of company stock worth $1,965,192 over the last three months. 0.69% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Micron Technology in the 2nd quarter worth about $500,000. IHT Wealth Management LLC purchased a new stake in shares of Micron Technology in the 2nd quarter worth about $1,056,000. Wynnefield Capital Inc. purchased a new stake in shares of Micron Technology in the 1st quarter worth about $13,519,000. Captrust Financial Advisors purchased a new stake in shares of Micron Technology in the 2nd quarter worth about $107,000. Finally, Guardian Life Insurance Co. of America boosted its position in shares of Micron Technology by 0.3% in the 1st 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 in the last quarter. 79.34% of the stock is currently owned by institutional investors and hedge funds.
About Micron Technology
Receive News & Ratings for Micron Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.