Micron Technology (MU) Given Buy Rating at MKM Partners
MKM Partners restated their buy rating on shares of Micron Technology (NASDAQ:MU) in a research note released on Thursday, Marketbeat.com reports. The firm currently has a $63.00 target price on the semiconductor manufacturer’s stock, down from their previous target price of $77.00.
Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities upped their price target on Micron Technology to $120.00 in a report on Thursday, June 21st. Zacks Investment Research upgraded Micron Technology from a hold rating to a buy rating and set a $67.00 price target for the company in a report on Thursday, May 24th. Deutsche Bank increased their target price on Micron Technology from $68.00 to $72.00 and gave the company a buy rating in a research note on Tuesday, May 22nd. BidaskClub upgraded Micron Technology from a hold rating to a buy rating in a research note on Friday, May 18th. Finally, Credit Suisse Group set a $90.00 target price on Micron Technology and gave the company a buy rating in a research note on Thursday, June 21st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $70.52.
NASDAQ MU opened at $44.30 on Thursday. The company has a market capitalization of $48.41 billion, a price-to-earnings ratio of 4.04, a P/E/G ratio of 0.48 and a beta of 1.63. Micron Technology has a fifty-two week low of $34.09 and a fifty-two week high of $64.66. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06.
Micron Technology announced that its board has initiated a stock buyback plan on Monday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 16.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In related news, Director Robert E. Switz sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 13th. The stock was sold at an average price of $56.00, for a total transaction of $1,400,000.00. Following the sale, the director now directly owns 120,257 shares of the company’s stock, valued at approximately $6,734,392. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $55.09, for a total value of $2,203,600.00. Following the sale, the senior vice president now directly owns 126,990 shares in the company, valued at $6,995,879.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,000 shares of company stock worth $7,604,100. Corporate insiders own 0.53% of the company’s stock.
Several hedge funds have recently bought and sold shares of MU. Clearwater Capital Advisors LLC acquired a new stake in Micron Technology in the first quarter worth $104,000. Brasada Capital Management LP increased 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 buying an additional 1,000 shares during the period. Tradewinds Capital Management LLC increased 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 buying an additional 1,606 shares during the period. Credit Agricole S A increased 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 buying an additional 1,999 shares during the period. Finally, Avestar Capital LLC increased 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 buying an additional 2,798 shares during the period. 74.04% of the stock is currently owned by institutional investors and hedge funds.
About Micron Technology
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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