MU Stock: Micron Technology Price Target Raised to $53.00

0
230

Micron Technology (NASDAQ:MU) had its price objective hoisted by stock analysts at Cowen from $50.00 to $53.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an “outperform” rating on the semiconductor manufacturer’s stock. Cowen’s price target would indicate a potential upside of 20.51% from the stock’s previous close.

A number of other research firms have also recently commented on MU. Mizuho lifted their price objective on shares of Micron Technology from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $76.00 target price on shares of Micron Technology in a research report on Wednesday. Loop Capital boosted their target price on shares of Micron Technology to $56.00 and gave the company a “buy” rating in a research report on Wednesday. J P Morgan Chase & Co upped their price objective on shares of Micron Technology to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Citigroup reissued a “buy” rating and set a $55.00 target price (down previously from $60.00) on shares of Micron Technology in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. Micron Technology presently has a consensus rating of “Buy” and an average price target of $50.13.

Shares of Micron Technology (NASDAQ:MU) opened at $43.98 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.75 and a current ratio of 2.34. The company has a market cap of $50,584.66, a P/E ratio of 9.84, a price-to-earnings-growth ratio of 0.59 and a beta of 1.75. Micron Technology has a fifty-two week low of $20.34 and a fifty-two week high of $49.89.

Micron Technology (NASDAQ:MU) last announced its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 EPS for the quarter, topping the consensus estimate of $1.85 by $0.60. The firm had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The business’s quarterly revenue was up 71.4% on a year-over-year basis. During the same period last year, the company posted $0.32 EPS. equities analysts anticipate that Micron Technology will post 7.42 earnings per share for the current fiscal year.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.38, for a total value of $124,140.00. Following the transaction, the director now directly owns 116,699 shares of the company’s stock, valued at approximately $4,829,004.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of Micron Technology stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 289,940 shares in the company, valued at $11,046,714. The disclosure for this sale can be found here. Insiders sold a total of 268,588 shares of company stock valued at $10,480,038 in the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of MU. Schroder Investment Management Group lifted its holdings in shares of Micron Technology by 16.3% during the second quarter. Schroder Investment Management Group now owns 1,652,878 shares of the semiconductor manufacturer’s stock valued at $52,016,000 after purchasing an additional 232,083 shares in the last quarter. Swiss National Bank increased its position in Micron Technology by 1.3% during the third quarter. Swiss National Bank now owns 3,874,503 shares of the semiconductor manufacturer’s stock valued at $152,384,000 after acquiring an additional 49,200 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Micron Technology by 8.0% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 44,928 shares of the semiconductor manufacturer’s stock valued at $1,342,000 after acquiring an additional 3,317 shares during the last quarter. LMR Partners LLP increased its position in Micron Technology by 6.9% during the third quarter. LMR Partners LLP now owns 27,653 shares of the semiconductor manufacturer’s stock valued at $1,088,000 after acquiring an additional 1,776 shares during the last quarter. Finally, AMP Capital Investors Ltd increased its position in Micron Technology by 14.1% during the third quarter. AMP Capital Investors Ltd now owns 801,496 shares of the semiconductor manufacturer’s stock valued at $31,521,000 after acquiring an additional 99,231 shares during the last quarter. 80.82% of the stock is currently owned by hedge funds and other institutional investors.

About Micron Technology

Analyst Recommendations for Micron Technology (NASDAQ:MU)

LEAVE A REPLY

Please enter your comment!
Please enter your name here