Micron Technology Inc. (MU) Receives “Buy” Rating from Deutsche Bank AG
Deutsche Bank AG reissued their buy rating on shares of Micron Technology Inc. (NASDAQ:MU) in a report released on Wednesday. The firm currently has a $20.00 price objective on the semiconductor manufacturer’s stock.
Other equities research analysts also recently issued research reports about the stock. Credit Suisse Group AG reissued an outperform rating and set a $20.00 price target on shares of Micron Technology in a research report on Tuesday. Goldman Sachs Group Inc. reduced their price target on shares of Micron Technology from $18.00 to $16.00 and set a neutral rating for the company in a research report on Wednesday. Stifel Nicolaus reissued a buy rating and set a $22.00 price target (up previously from $20.00) on shares of Micron Technology in a research report on Wednesday. Morgan Stanley reissued an overweight rating and set a $20.00 price target on shares of Micron Technology in a research report on Wednesday. Finally, Robert W. Baird raised their price target on shares of Micron Technology from $18.00 to $22.00 and gave the company an outperform rating in a research report on Wednesday. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. Micron Technology has a consensus rating of Buy and an average price target of $18.31.
Micron Technology (NASDAQ:MU) traded up 0.11% during trading on Wednesday, reaching $17.72. The company had a trading volume of 9,808,138 shares. The firm has a market capitalization of $18.40 billion, a PE ratio of 50.92 and a beta of 1.77. The firm’s 50 day moving average price is $16.96 and its 200 day moving average price is $13.26. 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.12. Micron Technology had a negative net margin of 2.23% and a positive return on equity of 0.50%. The firm earned $3.22 billion during the quarter. During the same quarter in the previous year, the business posted $0.37 earnings per share. Micron Technology’s revenue for the quarter was down 10.6% on a year-over-year basis. Equities research analysts forecast that Micron Technology will post ($0.01) EPS for the current year.
In other news, VP Scott J. Deboer sold 31,500 shares of the stock in a transaction 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 owns 207,265 shares in the company, valued at $3,533,868.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.85% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Private Asset Management Inc. raised its stake in Micron Technology by 0.8% in the third quarter. Private Asset Management Inc. now owns 489,325 shares of the semiconductor manufacturer’s stock valued at $8,700,000 after buying an additional 3,850 shares in the last quarter. First American Trust FSB bought a new position in Micron Technology during the third quarter valued at about $1,965,000. 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. Evercore Wealth Management LLC increased its position in Micron Technology by 2.9% in the second quarter. Evercore Wealth Management LLC now owns 10,236 shares of the semiconductor manufacturer’s stock valued at $141,000 after buying an additional 287 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in Micron Technology during the second quarter valued at about $576,000. Institutional investors own 81.42% of the company’s stock.
About Micron Technology
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