Micron Technology (NASDAQ:MU) had its price target raised by BMO Capital Markets to $63.00 in a report issued on Wednesday. The brokerage presently has a “market perform” rating on the semiconductor manufacturer’s stock. BMO Capital Markets’ target price indicates a potential upside of 3.03% from the company’s previous close.
A number of other research analysts have also recently commented on the stock. UBS raised their price target on shares of Micron Technology from $75.00 to $85.00 in a research note on Wednesday, December 20th. Morgan Stanley raised their price target on shares of Micron Technology from $39.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, November 27th. ValuEngine cut shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. Goldman Sachs set a $55.00 price objective on shares of Micron Technology and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Cowen set a $50.00 price objective on shares of Micron Technology and gave the stock a “buy” rating in a report on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $60.18.
MU stock opened at $61.15 on Wednesday. The company has a market cap of $69,540.79, a PE ratio of 9.63, a price-to-earnings-growth ratio of 0.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39. Micron Technology has a one year low of $25.43 and a one year high of $63.42.
Micron Technology (NASDAQ:MU) last announced 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. The firm had revenue of $6.80 billion during the quarter, compared to analysts’ expectations of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The company’s revenue for the quarter was up 71.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. equities analysts expect that Micron Technology will post 10.41 EPS for the current year.
In related news, SVP April S. Arnzen sold 27,878 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $44.27, for a total value 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 $2,596,833.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $42.40, for a total transaction of $2,583,050.40. Following the completion of the sale, the senior vice president now directly owns 202,486 shares of the company’s stock, valued at approximately $8,585,406.40. The disclosure for this sale can be found here. In the last three months, insiders sold 175,224 shares of company stock valued at $7,525,640. 0.53% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of MU. Xact Kapitalforvaltning AB boosted its stake in Micron Technology by 13.6% in the fourth quarter. Xact Kapitalforvaltning AB now owns 204,001 shares of the semiconductor manufacturer’s stock valued at $8,389,000 after acquiring an additional 24,403 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Micron Technology by 13.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 192,685 shares of the semiconductor manufacturer’s stock valued at $7,923,000 after acquiring an additional 22,345 shares during the last quarter. Tuttle Tactical Management LLC bought a new position in Micron Technology in the fourth quarter valued at approximately $1,432,000. Delek Group Ltd. bought a new position in Micron Technology in the fourth quarter valued at approximately $8,673,000. Finally, SevenBridge Financial Group LLC boosted its stake in Micron Technology by 71.6% in the fourth quarter. SevenBridge Financial Group LLC now owns 4,375 shares of the semiconductor manufacturer’s stock valued at $180,000 after acquiring an additional 1,825 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.
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Micron Technology Company Profile
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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