Micron Technology (NASDAQ:MU – Get Rating) had its price target dropped by analysts at Bank of America from $62.00 to $58.00 in a note issued to investors on Friday, The Fly reports. Bank of America's price objective suggests a potential upside of 15.98% from the company's current price.
Other research analysts have also recently issued reports about the stock. Summit Insights cut shares of Micron Technology from a "buy" rating to a "hold" rating in a research report on Sunday, June 12th. BMO Capital Markets cut their price target on shares of Micron Technology from $85.00 to $80.00 and set an "outperform" rating on the stock in a report on Monday, September 19th. Rosenblatt Securities cut their price target on shares of Micron Technology from $165.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 1st. Evercore ISI cut their price target on shares of Micron Technology from $85.00 to $70.00 and set an "outperform" rating on the stock in a report on Monday. Finally, TheStreet cut shares of Micron Technology from a "b-" rating to a "c+" rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.54.
Get Micron Technology alerts:Micron Technology Trading Down 1.9 %
NASDAQ MU opened at $50.01 on Friday. The company's fifty day simple moving average is $57.72 and its 200-day simple moving average is $64.46. Micron Technology has a 52 week low of $48.45 and a 52 week high of $98.45. The company has a current ratio of 3.24, a quick ratio of 2.44 and a debt-to-equity ratio of 0.14. The stock has a market cap of $55.17 billion, a P/E ratio of 5.70, a PEG ratio of 4.02 and a beta of 1.30.
Micron Technology (NASDAQ:MU – Get Rating) last posted its earnings results on Thursday, September 29th. The semiconductor manufacturer reported $1.45 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.04. Micron Technology had a net margin of 30.61% and a return on equity of 21.91%. The business had revenue of $6.64 billion for the quarter, compared to analysts' expectations of $6.78 billion. During the same period in the previous year, the company posted $2.37 earnings per share. The business's revenue for the quarter was down 19.7% compared to the same quarter last year. Equities research analysts predict that Micron Technology will post 7.88 EPS for the current fiscal year.Insider Buying and Selling at Micron Technology
In other Micron Technology news, SVP Michael W. Bokan sold 16,600 shares of the company's stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $63.82, for a total value of $1,059,412.00. Following the completion of the sale, the senior vice president now directly owns 119,126 shares of the company's stock, valued at approximately $7,602,621.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Micron Technology
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vectors Research Management LLC raised its stake in shares of Micron Technology by 60.3% during the 4th quarter. Vectors Research Management LLC now owns 372 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 140 shares in the last quarter. BDO Wealth Advisors LLC increased its holdings in shares of Micron Technology by 46.7% during the 1st quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer's stock worth $34,000 after acquiring an additional 140 shares during the last quarter. Washington Trust Advisors Inc. increased its holdings in shares of Micron Technology by 26.5% during the 1st quarter. Washington Trust Advisors Inc. now owns 678 shares of the semiconductor manufacturer's stock worth $53,000 after acquiring an additional 142 shares during the last quarter. First Heartland Consultants Inc. increased its holdings in shares of Micron Technology by 3.9% during the 1st quarter. First Heartland Consultants Inc. now owns 4,401 shares of the semiconductor manufacturer's stock worth $342,000 after acquiring an additional 164 shares during the last quarter. Finally, Penobscot Wealth Management increased its holdings in shares of Micron Technology by 1.5% during the 2nd quarter. Penobscot Wealth Management now owns 11,475 shares of the semiconductor manufacturer's stock worth $634,000 after acquiring an additional 167 shares during the last quarter. 79.66% of the stock is owned by institutional investors and hedge funds.
Micron Technology Company Profile
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Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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