Micron Technology (MU) Shares Gap Down to $54.01

Micron Technology (NASDAQ:MU)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $55.12, but opened at $54.01. Micron Technology shares last traded at $51.42, with a volume of 52508225 shares trading hands.

A number of equities analysts have weighed in on the company. ValuEngine upgraded Micron Technology from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 12th. UBS assumed coverage on Micron Technology in a research note on Wednesday, April 4th. They set a “sell” rating and a $35.00 price objective for the company. BidaskClub lowered Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, March 28th. Sanford C. Bernstein lifted their price objective on Micron Technology to $60.00 and gave the company a “market perform” rating in a research note on Monday, March 26th. Finally, Argus lifted their price objective on Micron Technology from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, March 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. Micron Technology presently has an average rating of “Buy” and a consensus target price of $63.66.

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The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29. The stock has a market cap of $60,609.32, a P/E ratio of 11.66, a PEG ratio of 0.48 and a beta of 1.33.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.27. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The company had revenue of $7.35 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the firm posted $0.90 EPS. Micron Technology’s revenue was up 58.2% compared to the same quarter last year. research analysts forecast that Micron Technology will post 10.85 EPS for the current year.

In related news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $43.17, for a total value of $129,510.00. Following the sale, the director now directly owns 109,921 shares in the company, valued at approximately $4,745,289.57. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mercedes Johnson sold 25,000 shares of Micron Technology stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $50.50, for a total value of $1,262,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,199 shares of company stock worth $3,028,117. 0.53% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of MU. Geode Capital Management LLC lifted its stake in Micron Technology by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 12,907,706 shares of the semiconductor manufacturer’s stock worth $529,730,000 after purchasing an additional 835,541 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Micron Technology by 26,035.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,756,637 shares of the semiconductor manufacturer’s stock worth $195,593,000 after purchasing an additional 4,738,437 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Micron Technology by 19.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 4,536,699 shares of the semiconductor manufacturer’s stock worth $186,550,000 after purchasing an additional 737,791 shares in the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in Micron Technology by 3.8% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 4,120,181 shares of the semiconductor manufacturer’s stock worth $169,420,000 after purchasing an additional 150,311 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Micron Technology by 0.7% in the 4th quarter. Swiss National Bank now owns 3,901,003 shares of the semiconductor manufacturer’s stock worth $160,409,000 after purchasing an additional 26,500 shares in the last quarter. Institutional investors own 82.33% of the company’s stock.

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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.

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