StockNews.com Downgrades Micron Technology (NASDAQ:MU) to Buy

Micron Technology (NASDAQ:MUGet Rating) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Tuesday.

A number of other analysts have also recently commented on MU. UBS Group cut their target price on Micron Technology from $120.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday. Summit Insights cut Micron Technology from a “buy” rating to a “hold” rating in a research report on Sunday. Rosenblatt Securities restated a “buy” rating and issued a $165.00 price target on shares of Micron Technology in a research report on Wednesday, March 30th. Susquehanna restated a “buy” rating and issued a $115.00 price target on shares of Micron Technology in a research report on Monday, May 16th. Finally, Wedbush upgraded Micron Technology from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $100.00 to $120.00 in a research report on Monday, February 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $113.04.

Shares of NASDAQ:MU opened at $59.12 on Tuesday. Micron Technology has a 52 week low of $57.55 and a 52 week high of $98.45. The company’s 50 day moving average is $69.71 and its two-hundred day moving average is $80.05. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. The company has a market cap of $66.02 billion, a PE ratio of 7.44, a P/E/G ratio of 0.21 and a beta of 1.17.

Micron Technology (NASDAQ:MUGet Rating) last posted its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.20. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. The business had revenue of $7.79 billion for the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The business’s revenue was up 25.6% compared to the same quarter last year. As a group, equities research analysts expect that Micron Technology will post 9.15 EPS for the current year.

In related news, SVP April S. Arnzen sold 5,600 shares of the company’s stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $76.00, for a total value of $425,600.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. SOA Wealth Advisors LLC. boosted its position in Micron Technology by 144.9% in the 1st quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Concorde Financial Corp acquired a new stake in shares of Micron Technology in the fourth quarter valued at approximately $27,000. Selective Wealth Management Inc. acquired a new stake in shares of Micron Technology in the fourth quarter valued at approximately $28,000. Core Alternative Capital increased its stake in shares of Micron Technology by 912.5% during the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 365 shares during the period. Finally, Sterling Investment Advisors Ltd. increased its stake in shares of Micron Technology by 600.0% during the fourth quarter. Sterling Investment Advisors Ltd. now owns 350 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 300 shares during the period. Institutional investors own 80.35% of the company’s stock.

About Micron Technology (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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