Barclays PLC Raises Micron Technology Inc. (MU) Price Target to $23.00
Micron Technology Inc. (NASDAQ:MU) had its target price raised by stock analysts at Barclays PLC from $19.00 to $23.00 in a research note issued on Monday. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays PLC’s target price indicates a potential upside of 29.36% from the stock’s current price.
A number of other equities analysts have also recently commented on the company. Pacific Crest reiterated a “hold” rating on shares of Micron Technology in a report on Sunday, June 26th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $13.00 target price (up previously from $10.00) on shares of Micron Technology in a report on Monday, June 6th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $15.00 target price on shares of Micron Technology in a report on Wednesday, June 29th. Robert W. Baird reiterated a “buy” rating and issued a $18.00 target price on shares of Micron Technology in a report on Friday, June 17th. Finally, Brean Capital reiterated a “buy” rating and issued a $14.00 target price on shares of Micron Technology in a report on Monday, June 27th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Micron Technology presently has an average rating of “Buy” and a consensus price target of $17.76.
Shares of Micron Technology (NASDAQ:MU) traded down 0.253% during trading on Monday, hitting $17.735. The company had a trading volume of 17,307,877 shares. The company has a market capitalization of $18.42 billion, a P/E ratio of 50.963 and a beta of 1.76. Micron Technology has a 52 week low of $9.31 and a 52 week high of $19.30. The stock’s 50-day moving average price is $16.76 and its 200 day moving average price is $13.09.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The business earned $2.90 billion during the quarter. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The business’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 EPS. On average, equities research analysts forecast that Micron Technology will post ($0.01) earnings per share for the current year.
In related news, VP Scott J. Deboer sold 31,500 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $17.05, for a total transaction of $537,075.00. Following the transaction, the vice president now owns 207,265 shares of the company’s stock, valued at $3,533,868.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Brian Shirley sold 48,750 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $12.37, for a total value of $603,037.50. Following the transaction, the vice president now directly owns 381,264 shares in the company, valued at approximately $4,716,235.68. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its position in Micron Technology by 79.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,114 shares of the semiconductor manufacturer’s stock worth $111,000 after buying an additional 3,595 shares in the last quarter. National Planning Corp acquired a new stake in Micron Technology during the first quarter valued at $135,000. Evercore Wealth Management LLC raised its stake in Micron Technology by 0.7% in the second quarter. Evercore Wealth Management LLC now owns 10,016 shares of the semiconductor manufacturer’s stock valued at $138,000 after buying an additional 67 shares during the period. Commerce Bank acquired a new stake in Micron Technology during the second quarter valued at $147,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Micron Technology during the second quarter valued at $165,000. 81.42% of the stock is currently owned by hedge funds and other institutional investors.
Micron Technology Company Profile
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