Micron Technology Inc. (MU) Stock Rating Reaffirmed by Wells Fargo & Co.
Micron Technology Inc. (NASDAQ:MU)‘s stock had its “outperform” rating reiterated by investment analysts at Wells Fargo & Co. in a research report issued on Wednesday. They currently have a $22.00 price objective on the semiconductor manufacturer’s stock. Wells Fargo & Co.’s target price points to a potential upside of 24.08% from the company’s current price.
A number of other analysts have also weighed in on the company. Barclays PLC increased their price objective on Micron Technology from $19.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday. Vetr lowered Micron Technology from a “strong-buy” rating to a “buy” rating and set a $17.99 price target for the company. in a research note on Thursday, August 25th. Cowen and Company reaffirmed a “buy” rating and issued a $15.00 price target on shares of Micron Technology in a research note on Friday, July 1st. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Micron Technology in a research note on Tuesday, July 26th. Finally, Brean Capital reaffirmed a “buy” rating and issued a $14.00 price target on shares of Micron Technology in a research note on Sunday, July 17th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $18.35.
Shares of Micron Technology (NASDAQ:MU) opened at 17.73 on Wednesday. The firm’s 50-day moving average is $17.03 and its 200-day moving average is $13.29. 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 $18.41 billion, a price-to-earnings ratio of 50.95 and a beta of 1.77.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.12. The firm earned $3.22 billion during the quarter. Micron Technology had a positive return on equity of 0.50% and a negative net margin of 2.23%. The business’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period last year, the company posted $0.37 EPS. Equities research analysts predict that Micron Technology will post $1.12 earnings per share for the current year.
In related news, VP Scott J. Deboer sold 31,500 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $17.05, for a total transaction of $537,075.00. Following the completion of the sale, the vice president now directly owns 207,265 shares in the company, valued at approximately $3,533,868.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP April S. Arnzen sold 11,424 shares of the company’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $17.72, for a total value of $202,433.28. Following the sale, the vice president now owns 39,993 shares of the company’s stock, valued at $708,675.96. The disclosure for this sale can be found here. 0.85% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of MU. Legal & General Group Plc boosted its stake in shares of Micron Technology by 7.1% in the first quarter. Legal & General Group Plc now owns 4,715,912 shares of the semiconductor manufacturer’s stock worth $49,372,000 after buying an additional 313,567 shares during the period. Squarepoint Ops LLC boosted its stake in shares of Micron Technology by 1,250.7% in the first quarter. Squarepoint Ops LLC now owns 310,495 shares of the semiconductor manufacturer’s stock worth $3,251,000 after buying an additional 287,507 shares during the period. Hermes Investment Management Ltd. boosted its stake in shares of Micron Technology by 6.6% in the second quarter. Hermes Investment Management Ltd. now owns 1,586,615 shares of the semiconductor manufacturer’s stock worth $21,832,000 after buying an additional 98,100 shares during the period. Standard Life Investments LTD bought a new stake in shares of Micron Technology during the second quarter worth $89,591,000. Finally, Nordea Investment Management AB boosted its stake in shares of Micron Technology by 1.2% in the second quarter. Nordea Investment Management AB now owns 115,002 shares of the semiconductor manufacturer’s stock worth $1,582,000 after buying an additional 1,402 shares during the period. Hedge funds and other institutional investors own 81.42% of the company’s stock.
About Micron Technology
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