Micron Technology, Inc. (MU) Downgraded by Vetr Inc.
Vetr cut shares of Micron Technology, Inc. (NASDAQ:MU) from a strong-buy rating to a buy rating in a research note published on Thursday morning. Vetr currently has $40.70 target price on the semiconductor manufacturer’s stock.
Several other research analysts have also recently weighed in on MU. Morgan Stanley restated an overweight rating and set a $34.00 target price on shares of Micron Technology in a report on Wednesday, May 31st. ValuEngine downgraded Micron Technology from a strong-buy rating to a buy rating in a research report on Wednesday, May 31st. Stifel Nicolaus reissued a buy rating and set a $47.00 price objective on shares of Micron Technology in a research note on Tuesday, June 6th. Needham & Company LLC restated a buy rating on shares of Micron Technology in a report on Thursday, June 8th. Finally, Robert W. Baird restated an outperform rating and issued a $40.00 target price on shares of Micron Technology in a report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $42.93.
Shares of Micron Technology (NASDAQ MU) opened at 39.33 on Thursday. Micron Technology has a one year low of $16.17 and a one year high of $39.36. The company has a market capitalization of $43.66 billion, a PE ratio of 17.27 and a beta of 1.75. The stock has a 50 day moving average price of $31.03 and a 200 day moving average price of $29.54.
Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.18. The business had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The company’s quarterly revenue was up 90.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.01) earnings per share. On average, equities research analysts predict that Micron Technology will post $7.56 earnings per share for the current year.
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In other news, CFO Ernest E. Maddock bought 3,400 shares of the stock in a transaction on Friday, August 11th. The stock was purchased at an average cost of $27.89 per share, with a total value of $94,826.00. Following the purchase, the chief financial officer now owns 192,385 shares of the company’s stock, valued at $5,365,617.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott J. Deboer sold 29,500 shares of Micron Technology stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $35.00, for a total transaction of $1,032,500.00. Following the completion of the sale, the executive vice president now directly owns 169,732 shares of the company’s stock, valued at $5,940,620. The disclosure for this sale can be found here. Insiders have sold 99,077 shares of company stock valued at $3,219,522 in the last three months. 0.69% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. MPS Loria Financial Planners LLC purchased a new stake in Micron Technology in the second quarter valued at approximately $142,000. Achmea Investment Management B.V. increased its position in Micron Technology by 59.0% during the second quarter. Achmea Investment Management B.V. now owns 51,145 shares of the semiconductor manufacturer’s stock worth $1,525,000 after purchasing an additional 18,973 shares during the last quarter. Navellier & Associates Inc raised its stake in Micron Technology by 83.0% during the second quarter. Navellier & Associates Inc now owns 340,780 shares of the semiconductor manufacturer’s stock worth $10,176,000 after purchasing an additional 154,513 shares during the period. WFG Advisors LP raised its stake in Micron Technology by 25.3% during the second quarter. WFG Advisors LP now owns 11,650 shares of the semiconductor manufacturer’s stock worth $348,000 after purchasing an additional 2,350 shares during the period. Finally, Toronto Dominion Bank raised its stake in Micron Technology by 25.9% during the second quarter. Toronto Dominion Bank now owns 352,381 shares of the semiconductor manufacturer’s stock worth $10,520,000 after purchasing an additional 72,601 shares during the period. Institutional investors and hedge funds own 79.32% of the company’s stock.
Micron Technology Company Profile
To view Vetr’s full report, visit Vetr’s official website.
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