BidaskClub Lowers Micron Technology (MU) to Sell
BidaskClub downgraded shares of Micron Technology (NASDAQ:MU) from a hold rating to a sell rating in a report issued on Thursday.
MU has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $82.00 to $84.00 and gave the company a buy rating in a report on Thursday, June 21st. Rosenblatt Securities boosted their target price on shares of Micron Technology to $120.00 in a report on Thursday, June 21st. Royal Bank of Canada lowered their target price on shares of Micron Technology from $83.00 to $70.00 and set an outperform rating on the stock in a report on Tuesday, September 11th. Goldman Sachs Group cut shares of Micron Technology from a buy rating to a neutral rating and lowered their target price for the company from $68.00 to $50.00 in a report on Wednesday. Finally, Cowen boosted their target price on shares of Micron Technology from $67.00 to $72.00 and gave the company an outperform rating in a report on Thursday, June 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $70.52.
NASDAQ:MU opened at $44.30 on Thursday. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $48.41 billion, a P/E ratio of 4.04, a P/E/G ratio of 0.48 and a beta of 1.63. Micron Technology has a 12 month low of $34.09 and a 12 month high of $64.66.
Micron Technology declared that its board has authorized a stock repurchase program on Monday, May 21st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 16.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
In related news, Director Robert E. Switz sold 25,000 shares of the company’s stock in a transaction on Friday, July 13th. The shares were sold at an average price of $56.00, for a total value of $1,400,000.00. Following the completion of the transaction, the director now directly owns 120,257 shares in the company, valued at $6,734,392. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the company’s stock in a transaction on Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the completion of the transaction, the senior vice president now owns 126,990 shares of the company’s stock, valued at $6,995,879.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 140,000 shares of company stock worth $7,604,100. Insiders own 0.53% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Clearwater Capital Advisors LLC purchased a new position in Micron Technology in the first quarter worth $104,000. Brasada Capital Management LP grew its position in Micron Technology by 100.0% in the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after acquiring an additional 1,000 shares in the last quarter. Tradewinds Capital Management LLC grew its position in Micron Technology by 411.8% in the second quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock worth $105,000 after acquiring an additional 1,606 shares in the last quarter. Credit Agricole S A grew its position in Micron Technology by 199,900.0% in the second quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock worth $105,000 after acquiring an additional 1,999 shares in the last quarter. Finally, Avestar Capital LLC grew its position in Micron Technology by 7,994.3% in the first quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after acquiring an additional 2,798 shares in the last quarter. Institutional investors own 74.04% of the company’s stock.
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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