Loop Capital Raises Micron Technology (MU) Price Target to $56.00

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.

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