Micron Technology Inc. (MU) Given New $22.00 Price Target at Mizuho
Micron Technology Inc. (NASDAQ:MU) had its price objective hoisted by stock analysts at Mizuho from $20.00 to $22.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Mizuho’s price target would suggest a potential upside of 23.60% from the company’s previous close.
Several other analysts have also recently weighed in on the stock. Barclays PLC lifted their price objective on shares of Micron Technology from $19.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday. Vetr cut shares of Micron Technology from a “strong-buy” rating to a “buy” rating and set a $17.99 price objective for the company. in a research note on Thursday, August 25th. Cowen and Company reiterated a “buy” rating and issued a $15.00 price objective on shares of Micron Technology in a research note on Friday, July 1st. Credit Suisse Group AG reissued an “outperform” rating and issued a $20.00 target price on shares of Micron Technology in a report on Tuesday, July 26th. Finally, Brean Capital reissued a “buy” rating and issued a $14.00 target price on shares of Micron Technology in a report on Sunday, July 17th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Micron Technology currently has a consensus rating of “Buy” and an average price target of $17.92.
Micron Technology (NASDAQ:MU) opened at 17.80 on Wednesday. The stock has a 50 day moving average of $16.90 and a 200 day moving average of $13.23. Micron Technology has a 52 week low of $9.31 and a 52 week high of $19.30. The company has a market cap of $18.48 billion, a price-to-earnings ratio of 51.15 and a beta of 1.77.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.12. Micron Technology had a net margin of 2.86% and a return on equity of 3.95%. The business earned $3.22 billion during the quarter, compared to analysts’ expectations of $3.07 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s revenue was down 10.6% on a year-over-year basis. Equities research analysts predict that Micron Technology will post ($0.01) earnings per share for the current fiscal year.
In related news, VP Scott J. Deboer sold 31,500 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $17.05, for a total value of $537,075.00. Following the sale, the vice president now directly owns 207,265 shares of the company’s stock, valued at $3,533,868.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. 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 period. National Planning Corp acquired a new position in Micron Technology during the first quarter valued at approximately $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 period. Commerce Bank acquired a new position in Micron Technology during the second quarter valued at approximately $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 period. 81.42% of the stock is currently owned by institutional investors and hedge funds.
About Micron Technology
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