Micron Technology’s (MU) Buy Rating Reaffirmed at Instinet
Instinet reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research report report published on Monday morning. Instinet currently has a $45.00 price objective on the semiconductor manufacturer’s stock, up from their previous price objective of $40.00.
Several other brokerages have also recently issued reports on MU. BMO Capital Markets began coverage on Micron Technology in a research note on Monday. They issued a market perform rating and a $43.00 price objective for the company. Goldman Sachs Group, Inc. (The) restated a buy rating and set a $43.00 target price on shares of Micron Technology in a research note on Saturday. Nomura upped their target price on shares of Micron Technology from $40.00 to $45.00 and gave the stock a buy rating in a research note on Friday. MKM Partners reaffirmed a buy rating and issued a $52.00 target price (up previously from $45.00) on shares of Micron Technology in a report on Thursday, September 28th. Finally, Vetr cut shares of Micron Technology from a strong-buy rating to a buy rating and set a $40.70 target price on the stock. in a report on Thursday, September 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $43.08.
Micron Technology (NASDAQ:MU) opened at 40.01 on Monday. The stock has a 50 day moving average price of $33.23 and a 200-day moving average price of $30.28. Micron Technology has a one year low of $16.17 and a one year high of $40.37. The stock has a market capitalization of $44.41 billion, a P/E ratio of 17.57 and a beta of 1.82.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.18. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The firm had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.97 billion. During the same quarter in the previous year, the business posted ($0.01) earnings per share. The business’s quarterly revenue was up 90.8% compared to the same quarter last year. Analysts anticipate that Micron Technology will post $7.56 earnings per share for the current year.
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In related news, EVP Scott J. Deboer sold 13,694 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $38.00, for a total transaction of $520,372.00. Following the transaction, the executive vice president now owns 153,926 shares of the company’s stock, valued at $5,849,188. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joel L. Poppen sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $38.61, for a total transaction of $3,088,800.00. Following the transaction, the insider now directly owns 266,966 shares in the company, valued at approximately $10,307,557.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,715 shares of company stock worth $11,360,460. 0.69% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in MU. Captrust Financial Advisors purchased a new stake in Micron Technology in the 2nd quarter valued at about $107,000. Guardian Life Insurance Co. of America increased its stake in shares of Micron Technology by 0.3% during the 1st quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after acquiring an additional 13 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new position in shares of Micron Technology during the 2nd quarter valued at about $141,000. Krilogy Financial LLC increased its stake in shares of Micron Technology by 1,087.5% during the 2nd quarter. Krilogy Financial LLC now owns 4,750 shares of the semiconductor manufacturer’s stock valued at $142,000 after acquiring an additional 4,350 shares during the last quarter. Finally, MPS Loria Financial Planners LLC acquired a new position in shares of Micron Technology during the 2nd quarter valued at about $142,000. 79.32% of the stock is owned by hedge funds and other institutional investors.
Micron Technology Company Profile
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