Micron Technology (MU) Downgraded by Citigroup to “Neutral”
Micron Technology (NASDAQ:MU) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Friday.
A number of other equities analysts also recently commented on the stock. UBS boosted their target price on shares of Micron Technology from $75.00 to $85.00 in a report on Wednesday, December 20th. Morgan Stanley boosted their target price on shares of Micron Technology from $39.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, November 27th. ValuEngine downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Goldman Sachs set a $55.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Cowen set a $50.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a report on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $62.15.
Micron Technology (NASDAQ:MU) opened at $58.92 on Friday. The company has a market cap of $70,616.16, a PE ratio of 9.28, a price-to-earnings-growth ratio of 0.59 and a beta of 1.46. The company has a quick ratio of 1.83, a current ratio of 2.39 and a debt-to-equity ratio of 0.33. Micron Technology has a fifty-two week low of $26.04 and a fifty-two week high of $63.42.
In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $42.73, for a total value of $128,190.00. Following the sale, the director now owns 113,585 shares in the company, valued at approximately $4,853,487.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total value of $2,583,050.40. Following the completion of the sale, the senior vice president now owns 202,486 shares in the company, valued at approximately $8,585,406.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,346 shares of company stock worth $6,291,481. Insiders own 0.53% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. SevenBridge Financial Group LLC boosted its position in Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock worth $100,000 after purchasing an additional 1,190 shares in the last quarter. Salem Investment Counselors Inc. boosted its position in Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock worth $115,000 after purchasing an additional 1,252 shares in the last quarter. Girard Partners LTD. purchased a new stake in Micron Technology in the 4th quarter worth approximately $207,000. Lourd Capital LLC purchased a new stake in Micron Technology in the 4th quarter worth approximately $211,000. Finally, Centaurus Financial Inc. purchased a new position in shares of Micron Technology during the 4th quarter valued at approximately $211,000. Institutional investors and hedge funds own 82.47% of the company’s stock.
About Micron Technology
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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