Investors Sell Shares of Micron Technology (MU) on Strength on Analyst Downgrade
Investors sold shares of Micron Technology, Inc. (NASDAQ:MU) on strength during trading on Monday after Needham & Company LLC lowered their price target on the stock from $100.00 to $80.00. $351.62 million flowed into the stock on the tick-up and $389.73 million flowed out of the stock on the tick-down, for a money net flow of $38.11 million out of the stock. Of all stocks tracked, Micron Technology had the 0th highest net out-flow for the day. Micron Technology traded up $0.42 for the day and closed at $45.16
MU has been the subject of a number of other research reports. BidaskClub downgraded shares of Micron Technology from a “hold” rating to a “sell” rating in a report on Friday, August 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price target on shares of Micron Technology in a report on Tuesday, September 18th. Zacks Investment Research downgraded shares of Micron Technology from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. JPMorgan Chase & Co. upped their price target on shares of Micron Technology from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. Finally, Rosenblatt Securities upped their price target on shares of Micron Technology to $120.00 in a report on Thursday, June 21st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $67.18.
In related news, Director Robert E. Switz sold 75,000 shares of the stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $53.34, for a total value of $4,000,500.00. Following the completion of the transaction, the director now owns 120,257 shares of the company’s stock, valued at approximately $6,414,508.38. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the stock in a transaction that occurred on Friday, July 20th. The shares were 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 directly owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. In the last three months, insiders sold 140,000 shares of company stock valued at $7,604,100. 0.53% of the stock is owned by insiders.
The company has a market cap of $51.89 billion, a PE ratio of 3.76, a price-to-earnings-growth ratio of 0.53 and a beta of 1.63. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.33 by $0.20. The firm had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.25 billion. Micron Technology had a net margin of 46.51% and a return on equity of 54.94%. The company’s revenue for the quarter was up 37.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.02 earnings per share. equities analysts predict that Micron Technology, Inc. will post 10.32 earnings per share for the current fiscal year.
About Micron Technology (NASDAQ:MU)
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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