Micron Technology (MU) Raised to Hold at Zacks Investment Research
Micron Technology (NASDAQ:MU) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Micron’s fiscal Q4 results benefited from strong demand across all product segments and proper execution. Strong demand from data centers and cloud computing led to higher sales of DRAM and NAND solutions. Micron is expected to keep gaining from the DRAM boom, which is here to stay, at least in the near term. Additionally, growing adoption of SSD among PC manufacturers and data-center operators will further boost its top line. Furthermore, we are positive about the company’s strategy of enhancing its capabilities through acquisitions, which are likely to boost its top line in the long run. Notably, the stock has outperformed the S&P 500 index in the year-to-date period. However, increasing competition in the industry remains a concern for the company. The implementation of Trump’s tariff on Chinese goods, CPU shortages in the client compute market and inventory adjustments with some customers are near-term headwinds.”
Several other research analysts have also commented on the company. Goldman Sachs Group set a $68.00 price target on Micron Technology and gave the stock a “buy” rating in a research report on Wednesday, July 18th. Needham & Company LLC reduced their price target on Micron Technology from $100.00 to $80.00 and set a “strong-buy” rating for the company in a research report on Monday. Wells Fargo & Co reduced their price target on Micron Technology from $70.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, August 15th. They noted that the move was a valuation call. Barclays reduced their price target on Micron Technology to $60.00 and set an “overweight” rating for the company in a research report on Friday, September 21st. Finally, Stifel Nicolaus set a $108.00 price target on Micron Technology and gave the stock a “buy” rating in a research report on Thursday, July 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $67.18.
Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.33 by $0.20. The business had revenue of $8.44 billion during the quarter, compared to analyst estimates of $8.25 billion. Micron Technology had a return on equity of 54.94% and a net margin of 46.51%. Micron Technology’s revenue was up 37.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.02 EPS. research analysts expect that Micron Technology will post 10.36 earnings per share for the current year.
In other Micron Technology news, Director Robert E. Switz sold 25,000 shares of the business’s stock in a transaction dated 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 owns 120,257 shares in the company, valued at approximately $6,734,392. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the business’s stock in a transaction dated 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 owns 126,990 shares in the company, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,000 shares of company stock worth $7,604,100. Company insiders own 0.53% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Financial Gravity Wealth Inc. purchased a new stake in shares of Micron Technology in the first quarter worth about $293,000. US Bancorp DE boosted its stake in shares of Micron Technology by 3.0% in the first quarter. US Bancorp DE now owns 39,934 shares of the semiconductor manufacturer’s stock worth $2,082,000 after buying an additional 1,146 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Micron Technology by 84.4% in the first quarter. PNC Financial Services Group Inc. now owns 471,778 shares of the semiconductor manufacturer’s stock worth $24,599,000 after buying an additional 215,898 shares during the last quarter. Covington Capital Management boosted its stake in shares of Micron Technology by 1,139.7% in the first quarter. Covington Capital Management now owns 19,835 shares of the semiconductor manufacturer’s stock worth $1,034,000 after buying an additional 18,235 shares during the last quarter. Finally, GWM Advisors LLC purchased a new stake in shares of Micron Technology in the first quarter worth about $755,000. Institutional investors and hedge funds own 74.00% of the company’s stock.
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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