Micron Technology (NASDAQ:MU) was upgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm currently has a $76.00 price objective on the semiconductor manufacturer’s stock. Needham & Company LLC’s price target suggests a potential upside of 73.20% from the company’s previous close.
A number of other brokerages have also weighed in on MU. Zacks Investment Research lowered shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 28th. Morgan Stanley raised their price objective on shares of Micron Technology from $39.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, November 27th. Robert W. Baird restated an “outperform” rating and issued a $60.00 price objective (up from $52.00) on shares of Micron Technology in a report on Tuesday, November 28th. Vetr upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 price objective on the stock in a report on Tuesday, November 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $85.00 price objective (up from $75.00) on shares of Micron Technology in a report on Wednesday, December 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $55.80.
Micron Technology (NASDAQ MU) traded up $4.48 during trading on Tuesday, reaching $43.88. 66,501,560 shares of the company’s stock were exchanged, compared to its average volume of 39,130,000. The firm has a market cap of $50,740.00, a price-to-earnings ratio of 6.91, a PEG ratio of 0.42 and a beta of 1.62. Micron Technology has a 12 month low of $22.64 and a 12 month high of $49.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39.
In other news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $43.17, for a total value of $129,510.00. Following the completion of the sale, the director now owns 109,921 shares in the company, valued at approximately $4,745,289.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP April S. Arnzen sold 27,878 shares of the firm’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $44.27, for a total transaction of $1,234,159.06. Following the completion of the sale, the senior vice president now owns 58,659 shares of the company’s stock, valued at approximately $2,596,833.93. The disclosure for this sale can be found here. Insiders sold a total of 158,720 shares of company stock valued at $6,782,100 in the last 90 days. Company insiders own 0.53% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. raised its position in Micron Technology by 29.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 101,495 shares of the semiconductor manufacturer’s stock worth $4,173,000 after acquiring an additional 23,016 shares during the last quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund acquired a new position in Micron Technology during the fourth quarter worth about $1,768,000. Adell Harriman & Carpenter Inc. raised its position in Micron Technology by 37.4% during the fourth quarter. Adell Harriman & Carpenter Inc. now owns 151,365 shares of the semiconductor manufacturer’s stock worth $6,224,000 after acquiring an additional 41,237 shares during the last quarter. NorthCoast Asset Management LLC acquired a new position in Micron Technology during the fourth quarter worth about $814,000. Finally, Emerald Advisers Inc. PA raised its position in Micron Technology by 72.4% during the fourth quarter. Emerald Advisers Inc. PA now owns 37,560 shares of the semiconductor manufacturer’s stock worth $1,544,000 after acquiring an additional 15,777 shares during the last quarter. Hedge funds and other institutional investors own 81.05% of the company’s stock.
About Micron Technology
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
