Bank of America reiterated their buy rating on shares of Micron Technology (NASDAQ:MU) in a research note released on Friday, MarketBeat.com reports. They currently have a $55.00 price objective on the semiconductor manufacturer’s stock, down from their previous price objective of $85.00.
A number of other brokerages also recently commented on MU. BidaskClub upgraded Micron Technology from a sell rating to a hold rating in a research note on Saturday, August 25th. Wells Fargo & Co lowered their target price on Micron Technology from $70.00 to $63.00 and set an outperform rating on the stock in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Zacks Investment Research cut Micron Technology from a buy rating to a hold rating in a research report on Tuesday, August 21st. Deutsche Bank reaffirmed a buy rating and issued a $80.00 price target on shares of Micron Technology in a research report on Thursday, September 6th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reduced their price target on Micron Technology from $108.00 to $103.00 and set a buy rating for the company in a research report on Friday, September 21st. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $64.51.
NASDAQ MU traded down $2.36 on Friday, reaching $35.31. The stock had a trading volume of 30,599,900 shares, compared to its average volume of 25,587,500. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.79 and a quick ratio of 2.16. Micron Technology has a 1 year low of $33.82 and a 1 year high of $64.66. The company has a market capitalization of $42.73 billion, a P/E ratio of 2.99, a price-to-earnings-growth ratio of 0.60 and a beta of 1.63.
Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.20. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The firm had revenue of $8.44 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter in the previous year, the company posted $2.02 earnings per share. The business’s quarterly revenue was up 37.5% compared to the same quarter last year. On average, equities analysts anticipate that Micron Technology will post 9.86 EPS for the current year.
A number of institutional investors have recently bought and sold shares of the business. Rehmann Capital Advisory Group raised its holdings in Micron Technology by 38.3% in the 3rd quarter. Rehmann Capital Advisory Group now owns 8,075 shares of the semiconductor manufacturer’s stock valued at $365,000 after acquiring an additional 2,236 shares in the last quarter. Central Bank & Trust Co. raised its holdings in Micron Technology by 2,930.6% in the 3rd quarter. Central Bank & Trust Co. now owns 82,069 shares of the semiconductor manufacturer’s stock valued at $3,711,000 after acquiring an additional 79,361 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Micron Technology by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 87,876,412 shares of the semiconductor manufacturer’s stock valued at $3,974,651,000 after purchasing an additional 1,176,989 shares during the period. Legal & General Group Plc grew its stake in shares of Micron Technology by 1.6% in the 3rd quarter. Legal & General Group Plc now owns 5,020,400 shares of the semiconductor manufacturer’s stock valued at $227,062,000 after purchasing an additional 77,343 shares during the period. Finally, Standard Life Aberdeen plc grew its stake in shares of Micron Technology by 5.4% in the 3rd quarter. Standard Life Aberdeen plc now owns 855,485 shares of the semiconductor manufacturer’s stock valued at $38,706,000 after purchasing an additional 44,186 shares during the period. 74.46% of the stock is owned by hedge funds and other institutional investors.
Micron Technology Company Profile
Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.
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