Micron Technology, Inc. (MU) Receives Buy Rating from Nomura
Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by equities researchers at Nomura in a report issued on Wednesday. They currently have a $50.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $45.00. Nomura’s price objective indicates a potential upside of 20.51% from the company’s current price.
Several other research analysts also recently weighed in on MU. Macquarie reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Micron Technology in a report on Wednesday, June 14th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Micron Technology in a report on Wednesday, June 14th. Loop Capital reaffirmed a “buy” rating and issued a $40.00 target price (up previously from $35.00) on shares of Micron Technology in a report on Thursday, June 15th. Mizuho reaffirmed a “buy” rating and issued a $35.00 target price on shares of Micron Technology in a report on Friday, June 16th. Finally, BidaskClub downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $45.18.
Shares of Micron Technology (NASDAQ MU) traded up 2.70% during midday trading on Wednesday, hitting $41.49. The company had a trading volume of 33,544,950 shares. The stock has a 50 day moving average price of $36.09 and a 200 day moving average price of $31.15. Micron Technology has a 1-year low of $16.45 and a 1-year high of $42.07. The firm has a market capitalization of $46.01 billion, a P/E ratio of 9.41 and a beta of 1.82.
Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.18. The company had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. Micron Technology’s quarterly revenue was up 90.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. On average, equities analysts anticipate that Micron Technology will post $7.58 EPS for the current fiscal year.
In related news, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the firm’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the completion of the transaction, the senior vice president now owns 289,940 shares of the company’s stock, valued at $11,046,714. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott J. Deboer sold 16,950 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $41.40, for a total transaction of $701,730.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 304,415 shares of company stock valued at $11,322,305. Corporate insiders own 0.69% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Empire Life Investments Inc. acquired a new stake in Micron Technology during the first quarter valued at $8,813,000. Neuberger Berman Group LLC grew its position in Micron Technology by 1.4% during the first quarter. Neuberger Berman Group LLC now owns 12,407 shares of the semiconductor manufacturer’s stock valued at $359,000 after buying an additional 170 shares during the period. Teachers Advisors LLC grew its position in Micron Technology by 2.9% during the first quarter. Teachers Advisors LLC now owns 4,847,514 shares of the semiconductor manufacturer’s stock valued at $140,093,000 after buying an additional 134,778 shares during the period. Westfield Capital Management Co. LP acquired a new stake in Micron Technology during the first quarter valued at $16,250,000. Finally, Segantii Capital Management Ltd acquired a new stake in Micron Technology during the first quarter valued at $17,340,000. 79.31% of the stock is owned by hedge funds and other institutional investors.
About Micron Technology
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