Micron Technology’s (MU) “Buy” Rating Reiterated at Cowen and Company
Cowen and Company reaffirmed their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research note released on Wednesday morning. The firm currently has a $50.00 target price on the semiconductor manufacturer’s stock.
Other equities analysts have also recently issued research reports about the stock. BidaskClub cut shares of Micron Technology from a buy rating to a hold rating in a research report on Wednesday, July 5th. Goldman Sachs Group, Inc. (The) raised shares of Micron Technology from a neutral rating to a buy rating and increased their price objective for the stock from $33.00 to $40.00 in a research report on Tuesday, September 12th. Susquehanna Bancshares Inc increased their price objective on shares of Micron Technology from $40.00 to $50.00 and gave the stock a positive rating in a research report on Tuesday, September 19th. UBS Group AG (USA) reaffirmed a buy rating and set a $53.00 price objective (up previously from $39.50) on shares of Micron Technology in a research report on Thursday, October 19th. They noted that the move was a valuation call. Finally, Macquarie reaffirmed a buy rating on shares of Micron Technology in a research report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $46.57.
Micron Technology (NASDAQ MU) traded down $0.67 during mid-day trading on Wednesday, reaching $43.71. 27,555,798 shares of the company’s stock were exchanged, compared to its average volume of 39,900,000. The firm has a market cap of $50.41 billion, a P/E ratio of 9.99, a price-to-earnings-growth ratio of 0.61 and a beta of 1.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.75 and a current ratio of 2.34. Micron Technology has a 12 month low of $16.45 and a 12 month high of $45.33.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, beating the Zacks’ consensus estimate of $1.84 by $0.18. The company had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. Micron Technology’s quarterly revenue was up 90.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.01) EPS. analysts anticipate that Micron Technology will post 7.29 earnings per share for the current year.
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In related news, 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 completion of the transaction, the insider now owns 266,966 shares of the company’s stock, valued at $10,307,557.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the transaction, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at approximately $11,046,714. The disclosure for this sale can be found here. In the last three months, insiders sold 333,415 shares of company stock valued at $12,602,325. Company insiders own 0.69% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors purchased a new stake in Micron Technology during the second quarter worth approximately $107,000. Jacobi Capital Management LLC grew its stake in Micron Technology by 368.8% during the third quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock worth $135,000 after buying an additional 2,600 shares during the period. Shine Investment Advisory Services Inc. purchased a new stake in Micron Technology during the second quarter worth approximately $141,000. Krilogy Financial LLC grew its stake in Micron Technology by 1,087.5% during the second quarter. Krilogy Financial LLC now owns 4,750 shares of the semiconductor manufacturer’s stock worth $142,000 after buying an additional 4,350 shares during the period. Finally, MPS Loria Financial Planners LLC purchased a new stake in Micron Technology during the second quarter worth approximately $142,000. 77.14% of the stock is owned by hedge funds and other institutional investors.
About Micron Technology
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