Micron Technology (MU) Given Outperform Rating at Wells Fargo

Wells Fargo reaffirmed their outperform rating on shares of Micron Technology (NASDAQ:MU) in a research note published on Friday morning. They currently have a $70.00 price objective on the semiconductor manufacturer’s stock.

Several other research firms have also recently issued reports on MU. BMO Capital Markets lifted their price objective on shares of Micron Technology from $43.00 to $63.00 and gave the stock a market perform rating in a research report on Wednesday. Vetr upgraded shares of Micron Technology from a hold rating to a buy rating and set a $61.52 price target on the stock in a research note on Monday, March 19th. Credit Suisse Group lifted their price target on shares of Micron Technology from $60.00 to $70.00 and gave the stock an outperform rating in a research note on Tuesday. BidaskClub upgraded shares of Micron Technology from a hold rating to a buy rating in a research note on Thursday, March 15th. Finally, Nomura lifted their price target on shares of Micron Technology and gave the stock a buy rating in a research note on Monday, March 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Micron Technology currently has an average rating of Buy and an average price target of $63.02.

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Micron Technology (NASDAQ MU) traded down $4.71 during trading on Friday, hitting $54.21. 118,137,868 shares of the stock traded hands, compared to its average volume of 67,416,544. The stock has a market cap of $68,130.08, a PE ratio of 6.57, a P/E/G ratio of 0.57 and a beta of 1.46. Micron Technology has a 1-year low of $26.36 and a 1-year high of $63.42. 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 (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.27. The business had revenue of $7.35 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Micron Technology had a net margin of 38.68% and a return on equity of 52.27%. The company’s revenue for the quarter was up 58.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. sell-side analysts expect that Micron Technology will post 10.41 earnings per share for the current year.

In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $42.40, for a total value of $2,583,050.40. Following the transaction, the senior vice president now directly owns 202,486 shares in the company, valued at $8,585,406.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP April S. Arnzen sold 532 shares of Micron Technology stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $59.80, for a total transaction of $31,813.60. Following the completion of the transaction, the senior vice president now owns 57,437 shares in the company, valued at $3,434,732.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,346 shares of company stock worth $6,291,481. 0.53% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of MU. Arrowstreet Capital Limited Partnership increased its stake in Micron Technology by 26,035.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,756,637 shares of the semiconductor manufacturer’s stock valued at $195,593,000 after purchasing an additional 4,738,437 shares during the period. Greenlight Capital Inc. increased its stake in shares of Micron Technology by 89.5% during the third quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock worth $197,511,000 after acquiring an additional 2,371,900 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Micron Technology during the fourth quarter worth about $61,747,000. Amundi Pioneer Asset Management Inc. increased its stake in shares of Micron Technology by 53.3% during the third quarter. Amundi Pioneer Asset Management Inc. now owns 3,969,870 shares of the semiconductor manufacturer’s stock worth $156,135,000 after acquiring an additional 1,379,561 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Micron Technology by 174.8% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 2,126,215 shares of the semiconductor manufacturer’s stock worth $87,430,000 after acquiring an additional 1,352,435 shares during the period. Institutional investors own 82.47% of the company’s stock.

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About Micron Technology

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.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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