Micron Technology (NASDAQ:MU) had its price objective lifted by KeyCorp from $53.00 to $65.00 in a research report released on Thursday morning, MarketBeat.com reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock. KeyCorp also issued estimates for Micron Technology’s Q3 2018 earnings at $2.67 EPS, Q4 2018 earnings at $2.72 EPS, FY2018 earnings at $10.50 EPS, Q1 2019 earnings at $2.57 EPS, Q2 2019 earnings at $2.49 EPS, Q3 2019 earnings at $2.46 EPS, Q4 2019 earnings at $2.43 EPS and FY2019 earnings at $9.96 EPS.
Other research analysts have also recently issued research reports about the stock. Cowen set a $53.00 target price on shares of Micron Technology and gave the stock a buy rating in a research report on Wednesday, February 21st. BidaskClub cut shares of Micron Technology from a buy rating to a hold rating in a research report on Wednesday, December 27th. Robert W. Baird restated an outperform rating and issued a $60.00 target price (up previously from $52.00) on shares of Micron Technology in a research report on Tuesday, November 28th. Vetr upgraded shares of Micron Technology from a hold rating to a buy rating and set a $47.30 target price for the company in a research report on Wednesday, November 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of Micron Technology to $60.00 and gave the stock an overweight rating in a research report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $56.51.
Shares of Micron Technology (NASDAQ:MU) traded down $0.63 during trading hours on Thursday, hitting $54.59. 64,657,870 shares of the company were exchanged, compared to its average volume of 46,960,000. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33. Micron Technology has a twelve month low of $24.81 and a twelve month high of $55.83. The company has a market cap of $63,120.00, a P/E ratio of 8.60, a PEG ratio of 0.53 and a beta of 1.45.
In related news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $42.40, for a total transaction of $2,583,050.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $48.00, for a total transaction of $144,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 174,692 shares of company stock valued at $7,493,827. Company insiders own 0.53% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. SevenBridge Financial Group LLC raised its holdings in shares of Micron Technology by 87.5% during the third quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after acquiring an additional 1,190 shares during the period. Salem Investment Counselors Inc. raised its holdings in shares of Micron Technology by 76.0% during the third quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after acquiring an additional 1,252 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Micron Technology during the third quarter valued at approximately $204,000. Girard Partners LTD. acquired a new stake in shares of Micron Technology during the fourth quarter valued at approximately $207,000. Finally, Lourd Capital LLC acquired a new stake in shares of Micron Technology during the fourth quarter valued at approximately $211,000. Institutional investors and hedge funds own 81.52% of the company’s stock.
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Micron Technology Company Profile
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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