Micron Technology (MU) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of Micron Technology (NASDAQ:MU) from a sell rating to a strong sell rating in a report released on Thursday, BidAskClub reports.

Several other research firms have also recently commented on MU. Needham & Company LLC reiterated a hold rating on shares of Micron Technology in a research note on Thursday, March 21st. Zacks Investment Research upgraded shares of Micron Technology from a sell rating to a hold rating in a research note on Friday, March 22nd. Morgan Stanley cut shares of Micron Technology from an equal weight rating to an underweight rating and set a $32.00 target price for the company. in a research note on Thursday, April 4th. Cowen lowered shares of Micron Technology from an outperform rating to a market perform rating and lowered their price target for the company from $46.00 to $45.00 in a report on Monday, April 8th. Finally, ValuEngine raised shares of Micron Technology from a sell rating to a hold rating in a report on Wednesday, May 1st. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $53.89.

Shares of Micron Technology stock opened at $34.00 on Thursday. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.10. Micron Technology has a 1-year low of $28.39 and a 1-year high of $64.66. The firm has a market capitalization of $37.63 billion, a PE ratio of 2.88 and a beta of 1.84.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.67 by $0.04. The business had revenue of $5.84 billion during the quarter, compared to analysts’ expectations of $5.82 billion. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. Micron Technology’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.82 earnings per share. As a group, analysts anticipate that Micron Technology will post 6.27 EPS for the current year.

In other Micron Technology news, SVP Joel L. Poppen sold 20,210 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $41.45, for a total transaction of $837,704.50. Following the transaction, the senior vice president now directly owns 269,368 shares in the company, valued at approximately $11,165,303.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott J. Deboer sold 14,486 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $42.88, for a total transaction of $621,159.68. Following the transaction, the executive vice president now owns 150,236 shares in the company, valued at $6,442,119.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,878 shares of company stock worth $2,293,223. Insiders own 0.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Nissay Asset Management Corp Japan ADV raised its position in shares of Micron Technology by 7.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 165,535 shares of the semiconductor manufacturer’s stock valued at $5,252,000 after acquiring an additional 11,645 shares during the period. Gabalex Capital Management LLC raised its position in shares of Micron Technology by 200.0% in the 4th quarter. Gabalex Capital Management LLC now owns 300,000 shares of the semiconductor manufacturer’s stock valued at $9,519,000 after acquiring an additional 200,000 shares during the period. Connable Office Inc. raised its position in shares of Micron Technology by 54.3% in the 4th quarter. Connable Office Inc. now owns 60,563 shares of the semiconductor manufacturer’s stock valued at $1,922,000 after acquiring an additional 21,316 shares during the period. Financial Gravity Wealth Inc. acquired a new stake in shares of Micron Technology in the 1st quarter valued at approximately $55,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $864,000. Institutional investors own 76.35% of the company’s stock.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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