Zacks Investment Research downgraded shares of Micron Technology (NASDAQ:MU) from a strong-buy rating to a hold rating in a report published on Tuesday.
According to Zacks, “Micron offers both DRAM and NAND products. The stock has outperformed the broader market in the last one year. The main reason behind the optimism surrounding the stock is improving prices for DRAM and NAND chips, which makes investors confident about Micron’s growth. Going ahead, industry experts believe that total demand could surpass manufacturing capacity, leading to a periodic shortage and higher pricing in the near term. We believe that any increase in prices will have a favorable impact on the company’s top line, the benefit of which is likely to flow down to the bottom line. Additionally, we are positive about the company’s strategy of enhancing capabilities through acquisitions which are likely to boost its top-line performance over the long-run. However, after acquiring SanDisk, Western Digital has become a key player in the NAND space, which could increase competition in the industry.”
Other equities analysts have also recently issued research reports about the company. UBS Group boosted their price target on Micron Technology from $75.00 to $85.00 in a report on Wednesday, December 20th. Vetr raised Micron Technology from a hold rating to a buy rating and set a $47.30 price target for the company in a report on Wednesday, November 15th. Deutsche Bank reissued a buy rating and set a $50.00 price target on shares of Micron Technology in a report on Tuesday, November 7th. Cowen reissued a buy rating and set a $50.00 price target on shares of Micron Technology in a report on Wednesday, November 1st. Finally, Citigroup reissued a buy rating on shares of Micron Technology in a report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Micron Technology has a consensus rating of Buy and an average price target of $55.80.
Micron Technology (NASDAQ:MU) opened at $44.90 on Tuesday. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33. Micron Technology has a fifty-two week low of $22.64 and a fifty-two week high of $49.89. The company has a market capitalization of $51,920.00, a price-to-earnings ratio of 7.07, a PEG ratio of 0.44 and a beta of 1.62.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The company had revenue of $6.80 billion during the quarter, compared to analysts’ expectations of $6.43 billion. During the same quarter in the previous year, the firm earned $0.32 EPS. Micron Technology’s revenue was up 71.4% on a year-over-year basis. research analysts expect that Micron Technology will post 10.12 earnings per share for the current fiscal year.
In related news, SVP April S. Arnzen sold 27,878 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now owns 58,659 shares in the company, valued at approximately $2,596,833.93. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP April S. Arnzen sold 1,222 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $43.77, for a total value of $53,486.94. Following the sale, the senior vice president now owns 57,969 shares in the company, valued at approximately $2,537,303.13. The disclosure for this sale can be found here. In the last three months, insiders sold 174,692 shares of company stock valued at $7,473,967. Insiders own 0.53% of the company’s stock.
Several institutional investors have recently made changes to their positions in MU. Arrowstreet Capital Limited Partnership boosted its position in shares of Micron Technology by 26,035.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,756,637 shares of the semiconductor manufacturer’s stock valued at $195,593,000 after purchasing an additional 4,738,437 shares in the last quarter. Greenlight Capital Inc. boosted its position in shares of Micron Technology by 89.5% during the 3rd quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock valued at $197,511,000 after purchasing an additional 2,371,900 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Micron Technology during the 4th quarter valued at about $61,747,000. Amundi Pioneer Asset Management Inc. boosted its position in shares of Micron Technology by 53.3% during the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 3,969,870 shares of the semiconductor manufacturer’s stock valued at $156,135,000 after purchasing an additional 1,379,561 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Micron Technology by 174.8% during the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 2,126,215 shares of the semiconductor manufacturer’s stock valued at $87,430,000 after purchasing an additional 1,352,435 shares in the last quarter. Institutional investors own 81.34% 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.
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