Micron Technology (NASDAQ:MU) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday.
MU has been the subject of several other reports. Evercore ISI raised their target price on shares of Micron Technology from $80.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday. Longbow Research assumed coverage on shares of Micron Technology in a research note on Wednesday, June 6th. They issued a “neutral” rating for the company. Morgan Stanley downgraded shares of Micron Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 target price for the company. in a research note on Thursday, May 31st. Zacks Investment Research upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Thursday, May 24th. Finally, Needham & Company LLC raised their target price on shares of Micron Technology from $76.00 to $100.00 and gave the company a “strong-buy” rating in a research note on Wednesday, May 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $67.51.
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Shares of NASDAQ MU traded down $1.09 during midday trading on Tuesday, reaching $57.36. 640,693 shares of the company’s stock traded hands, compared to its average volume of 58,142,360. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.06 and a current ratio of 2.58. Micron Technology has a one year low of $26.85 and a one year high of $64.66. The company has a market cap of $67.53 billion, a PE ratio of 13.02, a P/E/G ratio of 0.51 and a beta of 1.37.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.27. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. The firm had revenue of $7.35 billion for the quarter, compared to the consensus estimate of $7.28 billion. During the same period last year, the firm earned $0.90 earnings per share. The company’s quarterly revenue was up 58.2% on a year-over-year basis. analysts forecast that Micron Technology will post 11.36 earnings per share for the current fiscal year.
Micron Technology declared that its Board of Directors has initiated a stock buyback program on Monday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 16.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, Director Mercedes Johnson sold 25,000 shares of the firm’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $50.50, for a total transaction of $1,262,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Patrick J. Byrne sold 14,360 shares of the firm’s stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total transaction of $665,011.60. Following the sale, the director now owns 100,299 shares in the company, valued at approximately $4,644,846.69. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,850 shares of company stock valued at $4,233,228. 0.53% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Pinebridge Investments L.P. grew its position in shares of Micron Technology by 187.5% in the fourth quarter. Pinebridge Investments L.P. now owns 20,216 shares of the semiconductor manufacturer’s stock valued at $831,000 after purchasing an additional 13,184 shares during the period. Schroder Investment Management Group boosted its position in Micron Technology by 66.9% during the fourth quarter. Schroder Investment Management Group now owns 1,522,620 shares of the semiconductor manufacturer’s stock worth $62,610,000 after acquiring an additional 610,408 shares during the last quarter. Wealthfront Inc. boosted its position in Micron Technology by 11.0% during the fourth quarter. Wealthfront Inc. now owns 42,425 shares of the semiconductor manufacturer’s stock worth $1,745,000 after acquiring an additional 4,211 shares during the last quarter. Wedbush Securities Inc. boosted its position in Micron Technology by 17.6% during the fourth quarter. Wedbush Securities Inc. now owns 17,036 shares of the semiconductor manufacturer’s stock worth $701,000 after acquiring an additional 2,555 shares during the last quarter. Finally, TCW Group Inc. boosted its position in Micron Technology by 32.6% during the fourth quarter. TCW Group Inc. now owns 1,131,569 shares of the semiconductor manufacturer’s stock worth $46,530,000 after acquiring an additional 278,045 shares during the last quarter. Institutional investors own 78.40% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
