Micron Technology (NASDAQ:MU) had its target price reduced by stock analysts at Bank of America from $50.00 to $43.00 in a research report issued to clients and investors on Friday, Briefing.com Automated Import reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s price target indicates a potential upside of 31.58% from the company’s previous close.
Several other equities research analysts have also commented on the stock. BidaskClub lowered shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Summit Insights raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Thursday, March 21st. Royal Bank of Canada began coverage on Micron Technology in a research note on Thursday, March 28th. They set an “outperform” rating and a $50.00 target price for the company. Citigroup cut Micron Technology from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $35.00 to $30.00 in a research note on Thursday, March 21st. Finally, Cross Research lowered Micron Technology from a “buy” rating to a “hold” rating in a report on Friday, March 15th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $50.89.
Shares of NASDAQ:MU traded down $0.70 during midday trading on Friday, reaching $32.68. The company’s stock had a trading volume of 6,301,096 shares, compared to its average volume of 24,049,874. Micron Technology has a twelve month low of $28.39 and a twelve month high of $61.83. The firm has a market capitalization of $36.48 billion, a P/E ratio of 2.76 and a beta of 1.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.25 and a quick ratio of 1.65.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.04. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. The firm had revenue of $5.84 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same period last year, the business earned $2.82 earnings per share. Micron Technology’s revenue was down 20.6% compared to the same quarter last year. Equities analysts anticipate that Micron Technology will post 6.09 EPS for the current fiscal year.
In related news, SVP April S. Arnzen sold 21,182 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $39.39, for a total transaction of $834,358.98. Following the sale, the senior vice president now owns 86,992 shares of the company’s stock, valued at approximately $3,426,614.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 14,486 shares of Micron Technology stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $42.88, for a total value of $621,159.68. Following the transaction, the executive vice president now directly owns 150,236 shares in the company, valued at $6,442,119.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,878 shares of company stock worth $2,293,223. 0.20% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc boosted its stake in Micron Technology by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 87,876,412 shares of the semiconductor manufacturer’s stock valued at $3,974,651,000 after buying an additional 1,176,989 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Micron Technology by 48.5% in the 4th quarter. Advisors Asset Management Inc. now owns 24,689 shares of the semiconductor manufacturer’s stock valued at $783,000 after buying an additional 8,064 shares in the last quarter. LSV Asset Management boosted its stake in Micron Technology by 10.7% in the 4th quarter. LSV Asset Management now owns 1,382,560 shares of the semiconductor manufacturer’s stock valued at $43,868,000 after buying an additional 133,177 shares in the last quarter. Parallel Advisors LLC boosted its stake in Micron Technology by 63.1% in the 4th quarter. Parallel Advisors LLC now owns 5,314 shares of the semiconductor manufacturer’s stock valued at $168,000 after buying an additional 2,055 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in Micron Technology by 137.9% in the 4th quarter. Cerity Partners LLC now owns 13,941 shares of the semiconductor manufacturer’s stock valued at $442,000 after buying an additional 8,081 shares in the last quarter. Institutional investors and hedge funds own 77.05% of the company’s stock.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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