Micron Technology (NASDAQ:MU) was downgraded by stock analysts at Cross Research from a “buy” rating to a “hold” rating in a research report issued on Friday, The Fly reports.

Other research analysts have also recently issued research reports about the stock. MKM Partners decreased their price objective on shares of Micron Technology from $50.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, December 19th. Piper Jaffray Companies decreased their price objective on shares of Micron Technology to $36.00 and set a “neutral” rating for the company in a report on Wednesday, December 19th. Zacks Investment Research cut shares of Micron Technology from a “hold” rating to a “sell” rating in a report on Friday, December 7th. Deutsche Bank reduced their price target on shares of Micron Technology from $60.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, December 19th. Finally, Royal Bank of Canada reiterated a “neutral” rating and issued a $40.00 price target on shares of Micron Technology in a report on Tuesday, December 25th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $59.52.

Shares of NASDAQ MU opened at $38.41 on Friday. The company has a market cap of $44.00 billion, a P/E ratio of 3.25, a PEG ratio of 0.83 and a beta of 1.87. The company has a quick ratio of 2.15, a current ratio of 2.90 and a debt-to-equity ratio of 0.11. Micron Technology has a 52-week low of $28.39 and a 52-week high of $64.66.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, December 18th. The semiconductor manufacturer reported $2.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.90 by $0.07. The firm had revenue of $7.91 billion during the quarter, compared to analysts’ expectations of $8.01 billion. Micron Technology had a net margin of 46.82% and a return on equity of 48.58%. During the same quarter in the previous year, the company earned $2.45 earnings per share. As a group, equities research analysts predict that Micron Technology will post 7.47 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in MU. Executive Wealth Management LLC bought a new stake in Micron Technology during the fourth quarter worth $26,000. JNBA Financial Advisors bought a new stake in Micron Technology during the fourth quarter worth $28,000. Lavaca Capital LLC bought a new stake in Micron Technology during the fourth quarter worth $29,000. Athena Capital Advisors LLC bought a new stake in Micron Technology during the fourth quarter worth $29,000. Finally, Intercontinental Wealth Advisors LLC bought a new stake in Micron Technology during the fourth quarter worth $31,000. 75.25% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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