Brean Capital Raises Micron Technology Inc. (MU) Price Target to $23.00
Micron Technology Inc. (NASDAQ:MU) had its price target hoisted by equities research analysts at Brean Capital from $18.00 to $23.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Brean Capital’s price objective would indicate a potential upside of 29.21% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on MU. Pacific Crest restated a “hold” rating on shares of Micron Technology in a research report on Sunday, June 26th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $15.00 price target on shares of Micron Technology in a report on Wednesday, June 29th. Robert W. Baird reaffirmed a “buy” rating and issued a $18.00 price target on shares of Micron Technology in a report on Friday, June 17th. Bank of America Corp. reaffirmed a “sell” rating on shares of Micron Technology in a report on Friday, June 10th. Finally, Nomura raised Micron Technology from a “reduce” rating to a “buy” rating in a report on Thursday, June 23rd. Four 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 assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $17.92.
Shares of Micron Technology (NASDAQ:MU) opened at 17.80 on Wednesday. The stock’s 50 day moving average price is $16.90 and its 200 day moving average price is $13.23. The firm has a market cap of $18.48 billion, a PE ratio of 51.15 and a beta of 1.77. Micron Technology has a 12-month low of $9.31 and a 12-month high of $19.30.
Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.12. The firm earned $3.22 billion during the quarter, compared to the consensus estimate of $3.07 billion. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 earnings per share. On average, equities research analysts predict that Micron Technology will post ($0.01) EPS for the current fiscal year.
In related news, VP Scott J. Deboer sold 31,500 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $17.05, for a total transaction of $537,075.00. Following the sale, the vice president now directly owns 207,265 shares in the company, valued at $3,533,868.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.85% of the company’s stock.
Large investors have recently modified their holdings of the company. Credit Capital Investments LLC raised its stake in shares of Micron Technology by 1,102.1% in the second quarter. Credit Capital Investments LLC now owns 10,526,400 shares of the semiconductor manufacturer’s stock worth $10,526,000 after buying an additional 9,650,700 shares during the last quarter. Standard Life Investments LTD bought a new stake in shares of Micron Technology during the second quarter worth approximately $89,591,000. CI Investments Inc. bought a new stake in shares of Micron Technology during the second quarter worth approximately $86,285,000. Primecap Management Co. CA raised its stake in shares of Micron Technology by 11.6% in the first quarter. Primecap Management Co. CA now owns 57,143,016 shares of the semiconductor manufacturer’s stock worth $598,287,000 after buying an additional 5,961,872 shares during the last quarter. Finally, Natixis raised its stake in shares of Micron Technology by 90.7% in the first quarter. Natixis now owns 6,019,111 shares of the semiconductor manufacturer’s stock worth $63,020,000 after buying an additional 2,862,897 shares during the last quarter. Institutional investors and hedge funds own 81.42% of the company’s stock.
About Micron Technology
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