Goldman Sachs Group Inc. Trims Micron Technology Inc. (MU) Target Price to $16.00
Micron Technology Inc. (NASDAQ:MU) had its target price dropped by research analysts at Goldman Sachs Group Inc. from $18.00 to $16.00 in a research report issued on Wednesday. The brokerage presently has a “neutral” rating on the semiconductor manufacturer’s stock. Goldman Sachs Group Inc.’s price target would suggest a potential downside of 10.11% from the company’s current price.
Other equities analysts have also recently issued reports about the stock. Pacific Crest reaffirmed a “hold” rating on shares of Micron Technology in a research note on Sunday, June 26th. Nomura upgraded shares of Micron Technology from a “reduce” rating to a “buy” rating in a report on Thursday, June 23rd. Credit Suisse Group AG reiterated an “outperform” rating and issued a $20.00 target price on shares of Micron Technology in a report on Tuesday. Brean Capital increased their target price on shares of Micron Technology from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Stifel Nicolaus cut their target price on shares of Micron Technology from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, July 1st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $17.92.
Micron Technology (NASDAQ:MU) opened at 17.80 on Wednesday. Micron Technology has a 12-month low of $9.31 and a 12-month high of $19.30. The stock has a market capitalization of $18.48 billion, a PE ratio of 51.15 and a beta of 1.77. The stock’s 50 day moving average is $16.90 and its 200 day moving average is $13.23.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.12. Micron Technology had a net margin of 2.86% and a return on equity of 3.95%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.07 billion. During the same period last year, the firm earned $0.37 earnings per share. The business’s revenue for the quarter was down 10.6% on a year-over-year basis. Analysts forecast that Micron Technology will post ($0.01) EPS for the current year.
In other Micron Technology news, VP Scott J. Deboer sold 31,500 shares of the company’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 transaction, the vice president now owns 207,265 shares in the company, valued at $3,533,868.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Northwestern Mutual Wealth Management Co. increased 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 valued at $111,000 after buying an additional 3,595 shares during the last quarter. National Planning Corp acquired a new position in Micron Technology during the first quarter valued at $135,000. Evercore Wealth Management LLC increased its position 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 last quarter. Commerce Bank acquired a new position in Micron Technology during the second quarter valued at $147,000. Finally, Washington Trust Bank increased its position in Micron Technology by 3.4% in the third quarter. Washington Trust Bank now owns 8,744 shares of the semiconductor manufacturer’s stock valued at $155,000 after buying an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 81.42% of the company’s stock.
About Micron Technology
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