Micron Technology (NASDAQ:MU) had its price objective lowered by equities research analysts at Morgan Stanley from $55.00 to $54.00 in a research report issued on Tuesday. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target indicates a potential upside of 23.06% from the stock’s current price.
Several other brokerages have also commented on MU. Zacks Investment Research lowered Micron Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 28th. Robert W. Baird reiterated an “outperform” rating and set a $60.00 price objective (up from $52.00) on shares of Micron Technology in a research report on Tuesday, November 28th. Vetr upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 price objective on the stock in a research report on Tuesday, November 21st. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price objective (up from $75.00) on shares of Micron Technology in a research report on Wednesday, December 20th. Finally, BidaskClub upgraded Micron Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Micron Technology has an average rating of “Buy” and an average price target of $55.80.
Shares of Micron Technology (NASDAQ:MU) traded up $4.48 during trading on Tuesday, hitting $43.88. The stock had a trading volume of 66,885,446 shares, compared to its average volume of 39,130,000. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.39 and a quick ratio of 1.83. The company has a market cap of $50,740.00, a price-to-earnings ratio of 6.91, a PEG ratio of 0.42 and a beta of 1.62. Micron Technology has a 12-month low of $22.64 and a 12-month high of $49.89.
In other news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total value of $2,583,050.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.38, for a total value of $124,140.00. Following the completion of the sale, the director now owns 116,699 shares in the company, valued at $4,829,004.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,720 shares of company stock worth $6,782,100. Corporate insiders own 0.53% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stonebridge Capital Advisors LLC lifted its stake in shares of Micron Technology by 1.2% in the 2nd quarter. Stonebridge Capital Advisors LLC now owns 71,390 shares of the semiconductor manufacturer’s stock valued at $2,132,000 after purchasing an additional 865 shares during the period. SevenBridge Financial Group LLC lifted its stake in shares of Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after purchasing an additional 1,190 shares during the period. Salem Investment Counselors Inc. lifted its stake in shares of Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after purchasing an additional 1,252 shares during the period. Millie Capital Management LLC lifted its stake in shares of Micron Technology by 1.6% in the 2nd quarter. Millie Capital Management LLC now owns 82,309 shares of the semiconductor manufacturer’s stock valued at $2,458,000 after purchasing an additional 1,310 shares during the period. Finally, First Republic Investment Management Inc. lifted its stake in shares of Micron Technology by 12.5% in the 3rd quarter. First Republic Investment Management Inc. now owns 11,960 shares of the semiconductor manufacturer’s stock valued at $470,000 after purchasing an additional 1,329 shares during the period. Institutional investors own 81.05% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This piece of content was originally posted by American Market News and is the sole property of of American Market News. If you are viewing this piece of content on another domain, it was stolen and reposted in violation of U.S. & international copyright & trademark laws. The correct version of this piece of content can be accessed at https://www.americanbankingnews.com/2018/02/06/morgan-stanley-trims-micron-technology-mu-target-price-to-54-00.html.
Micron Technology Company Profile
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
