BidaskClub Lowers Micron Technology (MU) to Buy

BidaskClub cut shares of Micron Technology (NASDAQ:MU) from a strong-buy rating to a buy rating in a research report released on Tuesday morning.

A number of other research firms have also weighed in on MU. Citigroup lowered shares of Micron Technology from a buy rating to a neutral rating in a report on Friday, March 23rd. ValuEngine lowered shares of Micron Technology from a buy rating to a hold rating in a report on Wednesday, May 2nd. Deutsche Bank raised their price target on shares of Micron Technology from $68.00 to $72.00 and gave the company a buy rating in a report on Tuesday, May 22nd. Nomura raised their price target on shares of Micron Technology and gave the company a buy rating in a report on Monday, March 12th. Finally, KeyCorp raised their price target on shares of Micron Technology from $65.00 to $72.00 and gave the company an overweight rating in a report on Friday, March 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $70.40.

Micron Technology opened at $57.10 on Tuesday, Marketbeat reports. Micron Technology has a 52-week low of $26.85 and a 52-week high of $64.66. The firm has a market capitalization of $68.37 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 54.64%. The company had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.76 billion. During the same quarter in the prior year, the business earned $1.62 earnings per share. The business’s quarterly revenue was up 40.1% compared to the same quarter last year. research analysts anticipate that Micron Technology will post 11.36 EPS for the current fiscal year.

Micron Technology announced that its Board of Directors has authorized a stock buyback plan on Monday, May 21st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In related news, Director Patrick J. Byrne sold 14,360 shares of Micron Technology stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total value of $665,011.60. Following the sale, the director now directly owns 100,299 shares in the company, valued at approximately $4,644,846.69. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott J. Deboer sold 13,695 shares of Micron Technology stock in a transaction dated Monday, March 26th. The shares were sold at an average price of $56.11, for a total transaction of $768,426.45. Following the completion of the sale, the executive vice president now owns 133,799 shares in the company, valued at $7,507,461.89. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,850 shares of company stock worth $4,233,228. 0.53% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in Micron Technology by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,502,797 shares of the semiconductor manufacturer’s stock valued at $704,036,000 after buying an additional 134,067 shares during the period. Geode Capital Management LLC increased its stake in Micron Technology by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 12,907,706 shares of the semiconductor manufacturer’s stock valued at $529,730,000 after buying an additional 835,541 shares during the period. Amundi Pioneer Asset Management Inc. increased its stake in Micron Technology by 47.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock valued at $316,921,000 after buying an additional 1,958,119 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Micron Technology by 7.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 4,874,633 shares of the semiconductor manufacturer’s stock valued at $254,164,000 after buying an additional 337,934 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Micron Technology by 15.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,907,666 shares of the semiconductor manufacturer’s stock valued at $203,746,000 after buying an additional 524,988 shares during the period. 78.40% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply