Micron Technology’s (MU) Outperform Rating Reiterated at Credit Suisse Group
A number of other equities analysts also recently weighed in on MU. Goldman Sachs Group, Inc. (The) downgraded shares of Micron Technology from a buy rating to a neutral rating and decreased their target price for the company from $32.00 to $30.00 in a research note on Monday, May 8th. Susquehanna Bancshares Inc reaffirmed a positive rating and set a $35.00 target price on shares of Micron Technology in a research note on Friday, May 12th. Zacks Investment Research downgraded shares of Micron Technology from a strong-buy rating to a hold rating in a research note on Wednesday, May 24th. Standpoint Research downgraded shares of Micron Technology from a buy rating to a reduce rating in a research note on Wednesday, May 24th. Finally, Morgan Stanley reaffirmed an overweight rating and set a $34.00 target price on shares of Micron Technology in a research note on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $35.65.
Micron Technology (MU) opened at 32.60 on Thursday. Micron Technology has a 1-year low of $16.17 and a 1-year high of $32.96. The firm has a market cap of $36.19 billion, a P/E ratio of 14.32 and a beta of 1.75. The firm’s 50-day moving average price is $30.11 and its 200-day moving average price is $28.67.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.25. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.41 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. Micron Technology’s revenue was up 92.2% on a year-over-year basis. Equities research analysts anticipate that Micron Technology will post $4.71 earnings per share for the current fiscal year.
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In related news, SVP Brian Shirley sold 27,250 shares of Micron Technology stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $31.54, for a total transaction of $859,465.00. Following the completion of the transaction, the senior vice president now directly owns 292,211 shares of the company’s stock, valued at approximately $9,216,334.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lawrence N. Mondry sold 25,000 shares of Micron Technology stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $30.62, for a total transaction of $765,500.00. Following the transaction, the director now directly owns 177,367 shares of the company’s stock, valued at $5,430,977.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,250 shares of company stock worth $2,176,765. Insiders own 0.69% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors purchased a new position in shares of Micron Technology during the 2nd quarter worth about $107,000. Guardian Life Insurance Co. of America boosted its stake in shares of Micron Technology by 0.3% during the 1st quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after purchasing an additional 13 shares during the period. First Personal Financial Services boosted its stake in shares of Micron Technology by 96.8% during the 1st quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock worth $122,000 after purchasing an additional 2,083 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in shares of Micron Technology during the 2nd quarter worth about $141,000. Finally, Krilogy Financial LLC boosted its stake in shares of Micron Technology by 1,087.5% during the 2nd quarter. Krilogy Financial LLC now owns 4,750 shares of the semiconductor manufacturer’s stock worth $142,000 after purchasing an additional 4,350 shares during the period. 79.34% of the stock is owned by hedge funds and other institutional investors.
About Micron Technology
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