Zacks Investment Research cut shares of Micron Technology (NASDAQ:MU) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, “Micron offers both DRAM and NAND products. The stock has outperformed the broader market in the last one year. The main reason behind the optimism surrounding the stock is improving prices for DRAM and NAND chips, which makes investors confident about Micron’s growth. Going ahead, industry experts believe that total demand could surpass manufacturing capacity, leading to a periodic shortage and higher pricing in the near term. We believe that any increase in prices will have a favorable impact on the company’s top line, the benefit of which is likely to flow down to the bottom line. Additionally, we are positive about the company’s strategy of enhancing capabilities through acquisitions which are likely to boost its top-line performance over the long-run. However, after acquiring SanDisk, Western Digital has become a key player in the NAND space, which could increase competition in the industry.”

Several other research analysts have also recently issued reports on MU. Wells Fargo & Company reaffirmed an outperform rating on shares of Micron Technology in a report on Monday, July 31st. Robert W. Baird reaffirmed an outperform rating and issued a $48.00 price target on shares of Micron Technology in a report on Tuesday, August 1st. Citigroup reaffirmed a buy rating and issued a $45.00 price target on shares of Micron Technology in a report on Wednesday, August 2nd. Cowen reissued a buy rating on shares of Micron Technology in a research note on Thursday, August 10th. Finally, Morgan Stanley reissued an overweight rating and set a $36.00 target price on shares of Micron Technology in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have given a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology currently has an average rating of Buy and a consensus price target of $48.20.

Shares of Micron Technology (NASDAQ:MU) traded down $0.40 during trading hours on Tuesday, reaching $41.99. The company had a trading volume of 73,021,448 shares, compared to its average volume of 31,524,858. Micron Technology has a 1 year low of $18.30 and a 1 year high of $49.89. The company has a market capitalization of $48,886.48, a PE ratio of 9.55, a price-to-earnings-growth ratio of 0.57 and a beta of 1.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.75 and a current ratio of 2.34.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.84 by $0.18. The company had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The firm’s revenue was up 90.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) earnings per share. equities analysts predict that Micron Technology will post 7.42 earnings per share for the current fiscal year.

In other Micron Technology news, EVP Scott J. Deboer sold 30,000 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $42.00, for a total transaction of $1,260,000.00. Following the completion of the transaction, the executive vice president now owns 122,667 shares of the company’s stock, valued at approximately $5,152,014. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $39.86, for a total transaction of $119,580.00. Following the transaction, the director now directly owns 114,284 shares of the company’s stock, valued at approximately $4,555,360.24. The disclosure for this sale can be found here. Insiders sold 305,088 shares of company stock valued at $11,728,398 over the last quarter. 0.69% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. IBM Retirement Fund raised its position in shares of Micron Technology by 122.7% during the second quarter. IBM Retirement Fund now owns 25,710 shares of the semiconductor manufacturer’s stock valued at $857,000 after buying an additional 14,166 shares during the last quarter. Harbour Capital Advisors LLC raised its position in shares of Micron Technology by 1,082.9% during the second quarter. Harbour Capital Advisors LLC now owns 12,243 shares of the semiconductor manufacturer’s stock valued at $410,000 after buying an additional 11,208 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Micron Technology by 6.7% during the second quarter. Great West Life Assurance Co. Can now owns 894,527 shares of the semiconductor manufacturer’s stock valued at $26,679,000 after buying an additional 55,984 shares during the last quarter. Honkamp Krueger Financial Services Inc. raised its position in shares of Micron Technology by 0.4% during the second quarter. Honkamp Krueger Financial Services Inc. now owns 52,116 shares of the semiconductor manufacturer’s stock valued at $1,556,000 after buying an additional 221 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Micron Technology by 3.4% during the second quarter. CIBC Asset Management Inc now owns 134,767 shares of the semiconductor manufacturer’s stock valued at $4,024,000 after buying an additional 4,449 shares during the last quarter. 81.16% of the stock is owned by hedge funds and other institutional investors.

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