Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by research analysts at Bank of America in a research report issued to clients and investors on Friday, MarketBeat reports. They presently have a $55.00 price target on the semiconductor manufacturer’s stock, down from their prior price target of $85.00. Bank of America’s price objective suggests a potential upside of 55.76% from the company’s previous close.
Several other research analysts also recently commented on MU. ValuEngine raised Micron Technology from a “strong sell” rating to a “sell” rating in a research note on Saturday, December 1st. Zacks Investment Research downgraded Micron Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, November 21st. Mizuho lowered their target price on Micron Technology to $54.00 and set a “buy” rating for the company in a research note on Thursday, November 29th. UBS Group lowered their target price on Micron Technology from $52.00 to $41.00 and set a “neutral” rating for the company in a research note on Tuesday, November 27th. Finally, Citigroup lowered their target price on Micron Technology from $50.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 29th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.51.
MU stock opened at $35.31 on Friday. The stock has a market capitalization of $42.73 billion, a P/E ratio of 2.99, a P/E/G ratio of 0.60 and a beta of 1.63. Micron Technology has a 52 week low of $33.82 and a 52 week high of $64.66. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.79 and a quick ratio of 2.16.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating the Zacks’ consensus estimate of $3.33 by $0.20. The business had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.25 billion. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. Micron Technology’s revenue for the quarter was up 37.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 earnings per share. On average, sell-side analysts predict that Micron Technology will post 9.86 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Tradewinds Capital Management LLC boosted its holdings in Micron Technology by 411.8% in the second quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after acquiring an additional 1,606 shares during the last quarter. Credit Agricole S A boosted its holdings in shares of Micron Technology by 199,900.0% during the 2nd quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 1,999 shares in the last quarter. Ancora Advisors LLC bought a new position in shares of Micron Technology during the 3rd quarter worth approximately $111,000. Chicago Partners Investment Group LLC boosted its holdings in shares of Micron Technology by 496.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 3,389 shares of the semiconductor manufacturer’s stock worth $117,000 after buying an additional 2,821 shares in the last quarter. Finally, First Manhattan Co. boosted its holdings in shares of Micron Technology by 211.1% during the 3rd quarter. First Manhattan Co. now owns 2,800 shares of the semiconductor manufacturer’s stock worth $126,000 after buying an additional 1,900 shares in the last quarter. Institutional investors and hedge funds own 74.46% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.
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