Micron Technology (MU) Lowered to Hold at Cross Research

Micron Technology (NASDAQ:MU) was downgraded by stock analysts at Cross Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, The Fly reports.

MU has been the topic of several other reports. Needham & Company LLC cut Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, December 19th. KeyCorp dropped their price objective on Micron Technology from $61.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 19th. BidaskClub raised Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, January 25th. Zacks Investment Research cut Micron Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, November 21st. Finally, Piper Jaffray Companies dropped their price objective on Micron Technology to $36.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 19th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $59.52.

Shares of NASDAQ:MU opened at $38.41 on Friday. Micron Technology has a 1-year low of $28.39 and a 1-year high of $64.66. The company has a quick ratio of 2.15, a current ratio of 2.90 and a debt-to-equity ratio of 0.11. The firm has a market cap of $44.00 billion, a PE ratio of 3.25, a P/E/G ratio of 0.83 and a beta of 1.87.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, December 18th. The semiconductor manufacturer reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.07. Micron Technology had a return on equity of 48.58% and a net margin of 46.82%. The firm had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $8.01 billion. During the same period last year, the company earned $2.45 earnings per share. On average, sell-side analysts predict that Micron Technology will post 7.47 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. James Investment Research Inc. raised its stake in shares of Micron Technology by 4.9% in the fourth quarter. James Investment Research Inc. now owns 394,680 shares of the semiconductor manufacturer’s stock worth $12,524,000 after buying an additional 18,522 shares during the period. Cedar Capital LLC bought a new stake in Micron Technology during the 3rd quarter valued at approximately $242,000. Nissay Asset Management Corp Japan ADV raised its stake in Micron Technology by 7.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 165,535 shares of the semiconductor manufacturer’s stock valued at $5,252,000 after purchasing an additional 11,645 shares during the period. Gabalex Capital Management LLC raised its stake in Micron Technology by 200.0% during the 4th quarter. Gabalex Capital Management LLC now owns 300,000 shares of the semiconductor manufacturer’s stock valued at $9,519,000 after purchasing an additional 200,000 shares during the period. Finally, Connable Office Inc. raised its stake in Micron Technology by 54.3% during the 4th quarter. Connable Office Inc. now owns 60,563 shares of the semiconductor manufacturer’s stock valued at $1,922,000 after purchasing an additional 21,316 shares during the period. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

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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