Micron Technology (NASDAQ:MU) had its price target reduced by stock analysts at Citigroup from $38.00 to $35.00 in a note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “sell” rating on the semiconductor manufacturer’s stock. Citigroup‘s price target would indicate a potential downside of 21.86% from the stock’s current price.
MU has been the topic of a number of other reports. Cleveland Research upgraded Micron Technology from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 14th. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price target on shares of Micron Technology in a research report on Thursday, December 19th. Piper Jaffray Companies upped their price target on Micron Technology from $46.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. KeyCorp lowered their price target on Micron Technology from $63.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Rosenblatt Securities upped their price target on Micron Technology from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Four research analysts have rated the stock with a sell rating, three have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $60.78.
NASDAQ:MU traded up $2.29 during trading hours on Thursday, reaching $44.79. The company had a trading volume of 62,373,531 shares, compared to its average volume of 29,480,357. The stock has a 50-day moving average of $50.38 and a two-hundred day moving average of $50.10. Micron Technology has a one year low of $31.13 and a one year high of $61.19. The firm has a market capitalization of $49.21 billion, a PE ratio of 14.54, a PEG ratio of 1.99 and a beta of 1.78. The company has a quick ratio of 1.78, a current ratio of 2.56 and a debt-to-equity ratio of 0.16.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.69 billion. During the same period in the prior year, the business posted $1.71 earnings per share. The business’s revenue was down 17.7% compared to the same quarter last year. As a group, sell-side analysts expect that Micron Technology will post 2.12 earnings per share for the current year.
In other news, SVP April S. Arnzen sold 4,400 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $60.00, for a total transaction of $264,000.00. Following the transaction, the senior vice president now owns 83,880 shares of the company’s stock, valued at $5,032,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Joel L. Poppen sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total value of $1,139,400.00. Following the transaction, the senior vice president now directly owns 301,395 shares in the company, valued at approximately $17,170,473.15. The disclosure for this sale can be found here. Insiders have sold 28,800 shares of company stock worth $1,644,300 in the last 90 days. Company insiders own 0.18% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MU. State Street Corp lifted its stake in Micron Technology by 1.1% in the fourth quarter. State Street Corp now owns 47,746,271 shares of the semiconductor manufacturer’s stock valued at $2,567,794,000 after buying an additional 501,020 shares during the period. Sanders Capital LLC lifted its stake in Micron Technology by 256.9% in the fourth quarter. Sanders Capital LLC now owns 18,507,152 shares of the semiconductor manufacturer’s stock valued at $1,091,353,000 after buying an additional 13,321,570 shares during the period. Norges Bank acquired a new position in Micron Technology in the fourth quarter valued at about $651,802,000. Capital International Investors lifted its stake in Micron Technology by 76.1% in the fourth quarter. Capital International Investors now owns 11,342,270 shares of the semiconductor manufacturer’s stock valued at $609,987,000 after buying an additional 4,902,150 shares during the period. Finally, Boston Partners increased its holdings in shares of Micron Technology by 9,655.1% in the fourth quarter. Boston Partners now owns 7,641,070 shares of the semiconductor manufacturer’s stock worth $411,055,000 after acquiring an additional 7,562,741 shares in the last quarter. 79.22% of the stock is currently owned by institutional investors and hedge funds.
Micron Technology Company Profile
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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