Micron Technology (NASDAQ:MU) had its price objective lifted by stock analysts at Loop Capital to $56.00 in a note issued to investors on Wednesday, The Fly reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Loop Capital’s target price points to a potential upside of 22.40% from the company’s current price.
Other analysts have also issued research reports about the company. Citigroup reaffirmed a “buy” rating and issued a $55.00 target price (down previously from $60.00) on shares of Micron Technology in a report on Wednesday. J P Morgan Chase & Co lifted their price objective on Micron Technology to $60.00 and gave the stock an “overweight” rating in a report on Wednesday. Goldman Sachs Group raised Micron Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a report on Tuesday, September 12th. Susquehanna Bancshares lifted their price objective on Micron Technology from $40.00 to $50.00 and gave the stock a “positive” rating in a report on Tuesday, September 19th. Finally, UBS reissued a “buy” rating and set a $53.00 price objective (up previously from $39.50) on shares of Micron Technology in a report on Thursday, October 19th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company’s stock. Micron Technology presently has an average rating of “Buy” and a consensus target price of $52.62.
Micron Technology (NASDAQ MU) traded up $1.77 on Wednesday, reaching $45.75. The company’s stock had a trading volume of 84,153,165 shares, compared to its average volume of 30,389,775. The firm has a market cap of $52,950.00, a price-to-earnings ratio of 9.84, a P/E/G ratio of 0.59 and a beta of 1.75. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.34 and a quick ratio of 1.75. Micron Technology has a 12-month low of $20.34 and a 12-month high of $49.89.
Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.60. The firm had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.43 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The company’s revenue was up 71.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. equities research analysts expect that Micron Technology will post 7.42 EPS for the current year.
In other news, EVP Scott J. Deboer sold 13,694 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $38.00, for a total transaction of $520,372.00. Following the completion of the sale, the executive vice president now owns 153,926 shares in the company, valued at $5,849,188. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $39.86, for a total value of $119,580.00. Following the sale, the director now owns 114,284 shares of the company’s stock, valued at approximately $4,555,360.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 268,588 shares of company stock valued at $10,480,038. Corporate insiders own 0.53% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors grew its stake in shares of Micron Technology by 386.6% during the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock worth $1,188,259,000 after purchasing an additional 31,616,346 shares during the period. Dimensional Fund Advisors LP grew its stake in Micron Technology by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 14,080,297 shares of the semiconductor manufacturer’s stock valued at $420,639,000 after acquiring an additional 74,670 shares during the period. Janus Henderson Group PLC grew its stake in Micron Technology by 2.3% in the third quarter. Janus Henderson Group PLC now owns 12,125,074 shares of the semiconductor manufacturer’s stock valued at $476,863,000 after acquiring an additional 274,086 shares during the period. CI Investments Inc. lifted its holdings in shares of Micron Technology by 0.5% in the third quarter. CI Investments Inc. now owns 7,570,300 shares of the semiconductor manufacturer’s stock valued at $297,740,000 after purchasing an additional 35,300 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Micron Technology by 1.7% in the third quarter. Legal & General Group Plc now owns 5,642,131 shares of the semiconductor manufacturer’s stock valued at $221,856,000 after purchasing an additional 94,517 shares in the last quarter. 80.82% of the stock is owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION WARNING: This news story was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2017/12/20/loop-capital-raises-micron-technology-mu-price-target-to-56-00.html.
About Micron Technology