Micron Technology (NASDAQ:MU) was downgraded by investment analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, September 12th, Marketbeat.com reports. They presently have a $50.00 target price on the semiconductor manufacturer’s stock, down from their prior target price of $68.00. Goldman Sachs Group’s price target would indicate a potential upside of 14.73% from the company’s current price.
A number of other equities research analysts have also issued reports on the company. Royal Bank of Canada lowered their target price on Micron Technology from $83.00 to $70.00 and set an “outperform” rating for the company in a research note on Tuesday, September 11th. Robert W. Baird lowered their target price on Micron Technology from $100.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, September 7th. Deutsche Bank reiterated a “buy” rating and issued a $80.00 target price on shares of Micron Technology in a research note on Thursday, September 6th. They noted that the move was a valuation call. BidaskClub upgraded Micron Technology from a “sell” rating to a “hold” rating in a research note on Saturday, August 25th. Finally, Zacks Investment Research lowered Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. Micron Technology has an average rating of “Buy” and an average target price of $69.13.
Shares of Micron Technology stock traded down $0.58 during trading hours on Wednesday, reaching $43.58. The stock had a trading volume of 35,349,766 shares, compared to its average volume of 46,359,246. The company has a market cap of $52.46 billion, a price-to-earnings ratio of 3.69, a price-to-earnings-growth ratio of 0.69 and a beta of 1.55. 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 has a 1 year low of $37.52 and a 1 year high of $64.66.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, topping analysts’ consensus estimates of $3.33 by $0.20. The company had revenue of $8.44 billion for the quarter, compared to the consensus estimate of $8.25 billion. Micron Technology had a return on equity of 54.94% and a net margin of 46.51%. The company’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same period last year, the business posted $2.02 EPS. Research analysts anticipate that Micron Technology will post 10.4 EPS for the current year.
In related news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, July 20th. The stock was 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 of the company’s stock, valued at approximately $6,995,879.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert E. Switz sold 25,000 shares of the firm’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 value of $1,400,000.00. Following the completion of the sale, the director now directly owns 120,257 shares in the company, valued at approximately $6,734,392. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in MU. Senator Investment Group LP bought a new stake in shares of Micron Technology in the 2nd quarter worth approximately $140,277,000. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Micron Technology by 47.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock worth $316,921,000 after purchasing an additional 1,958,119 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Micron Technology by 632.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock worth $106,328,000 after purchasing an additional 1,750,604 shares during the last quarter. Natixis lifted its holdings in shares of Micron Technology by 345.7% in the 2nd quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock worth $106,388,000 after purchasing an additional 1,573,549 shares during the last quarter. Finally, Parnassus Investments CA lifted its holdings in shares of Micron Technology by 40.0% in the 2nd quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock worth $256,956,000 after purchasing an additional 1,400,000 shares during the last quarter. 74.05% of the stock is currently owned by institutional investors and hedge funds.
Micron Technology Company Profile
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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