Micron Technology (NASDAQ:MU) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors 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.”
A number of other equities analysts also recently commented on the company. Robert W. Baird restated an “outperform” rating and issued a $60.00 target price (up from $52.00) on shares of Micron Technology in a research note on Tuesday. Morgan Stanley lifted their target price on Micron Technology from $39.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday. Vetr upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 target price for the company in a research note on Tuesday, November 21st. J P Morgan Chase & Co lifted their target price on Micron Technology from $50.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, November 10th. Finally, Deutsche Bank restated a “buy” rating and issued a $50.00 target price on shares of Micron Technology in a research note on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have given 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 $48.04.
Shares of Micron Technology (NASDAQ MU) opened at $43.74 on Tuesday. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 0.51. Micron Technology has a fifty-two week low of $18.18 and a fifty-two week high of $49.89. The firm has a market capitalization of $55,280.00, a PE ratio of 11.19, a P/E/G ratio of 0.67 and a beta of 1.78.
Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, beating the Zacks’ consensus estimate of $1.84 by $0.18. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The company had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.97 billion. During the same period in the previous year, the firm posted ($0.01) earnings per share. Micron Technology’s quarterly revenue was up 90.8% compared to the same quarter last year. equities analysts anticipate that Micron Technology will post 7.42 EPS for the current year.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the company’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $38.10, for a total value of $4,531,766.40. Following the transaction, the senior vice president now owns 289,940 shares of the company’s stock, valued at $11,046,714. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $44.55, for a total value of $133,650.00. Following the completion of the transaction, the director now directly owns 117,299 shares in the company, valued at approximately $5,225,670.45. The disclosure for this sale can be found here. Insiders sold 308,415 shares of company stock valued at $11,836,825 over the last 90 days. 0.69% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. IBM Retirement Fund raised its stake in Micron Technology by 122.7% during the 2nd quarter. IBM Retirement Fund now owns 25,710 shares of the semiconductor manufacturer’s stock valued at $857,000 after purchasing an additional 14,166 shares during the period. Harbour Capital Advisors LLC raised its stake in Micron Technology by 1,082.9% during the 2nd quarter. Harbour Capital Advisors LLC now owns 12,243 shares of the semiconductor manufacturer’s stock valued at $410,000 after purchasing an additional 11,208 shares during the period. Great West Life Assurance Co. Can raised its stake in Micron Technology by 6.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 894,527 shares of the semiconductor manufacturer’s stock valued at $26,679,000 after purchasing an additional 55,984 shares during the period. Honkamp Krueger Financial Services Inc. raised its stake in Micron Technology by 0.4% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 52,116 shares of the semiconductor manufacturer’s stock valued at $1,556,000 after purchasing an additional 221 shares during the period. Finally, CIBC Asset Management Inc raised its stake in Micron Technology by 3.4% during the 2nd quarter. CIBC Asset Management Inc now owns 134,767 shares of the semiconductor manufacturer’s stock valued at $4,024,000 after purchasing an additional 4,449 shares during the period. 81.16% of the stock is currently owned by institutional investors.
Micron Technology Company Profile