Micron Technology (NASDAQ:MU) had its price objective cut by analysts at KeyCorp from $49.00 to $48.00 in a note issued to investors on Monday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. KeyCorp’s target price indicates a potential upside of 39.17% from the company’s current price. KeyCorp also issued estimates for Micron Technology’s Q3 2019 earnings at $0.80 EPS, Q4 2019 earnings at $0.60 EPS and FY2019 earnings at $6.06 EPS.

Several other research analysts also recently commented on the company. Stifel Nicolaus reduced their price objective on Micron Technology from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Rosenblatt Securities reissued a “buy” rating and issued a $60.00 price objective on shares of Micron Technology in a research note on Friday, May 24th. Cfra downgraded Micron Technology to a “sell” rating and set a $32.00 price objective for the company. in a research note on Wednesday, May 22nd. BidaskClub downgraded Micron Technology from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 23rd. Finally, Zacks Investment Research raised Micron Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Micron Technology currently has a consensus rating of “Hold” and an average target price of $51.56.

Shares of MU stock opened at $34.49 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.25 and a quick ratio of 1.65. The company has a market cap of $36.18 billion, a PE ratio of 2.92 and a beta of 1.94. Micron Technology has a 1-year low of $28.39 and a 1-year high of $62.55.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.04. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The business had revenue of $5.84 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the prior year, the company posted $2.82 EPS. The business’s quarterly revenue was down 20.6% on a year-over-year basis. On average, sell-side analysts forecast that Micron Technology will post 6.21 earnings per share for the current fiscal year.

In other news, SVP Joel L. Poppen sold 20,210 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $41.45, for a total transaction of $837,704.50. Following the completion of the transaction, the senior vice president now directly owns 269,368 shares in the company, valued at approximately $11,165,303.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP April S. Arnzen sold 21,182 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $39.39, for a total value of $834,358.98. Following the transaction, the senior vice president now owns 86,992 shares of the company’s stock, valued at $3,426,614.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,878 shares of company stock valued at $2,293,223. Company insiders own 0.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV raised its position in Micron Technology by 7.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 165,535 shares of the semiconductor manufacturer’s stock valued at $5,252,000 after purchasing an additional 11,645 shares in the last quarter. Gabalex Capital Management LLC raised its position in Micron Technology by 200.0% in the 4th quarter. Gabalex Capital Management LLC now owns 300,000 shares of the semiconductor manufacturer’s stock valued at $9,519,000 after purchasing an additional 200,000 shares in the last quarter. Connable Office Inc. raised its position in Micron Technology by 54.3% in the 4th quarter. Connable Office Inc. now owns 60,563 shares of the semiconductor manufacturer’s stock valued at $1,922,000 after purchasing an additional 21,316 shares in the last quarter. Financial Gravity Wealth Inc. acquired a new stake in Micron Technology in the 1st quarter valued at about $55,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Micron Technology in the 4th quarter valued at about $864,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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