Micron Technology (MU) PT Raised to $75.00

Micron Technology (NASDAQ:MU) had its price objective upped by stock analysts at Argus to $75.00 in a research note issued on Monday, The Fly reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Argus’ target price suggests a potential upside of 38.35% from the stock’s previous close.

Several other brokerages have also weighed in on MU. Wells Fargo reissued a “buy” rating and set a $54.00 price objective (up from $45.00) on shares of Micron Technology in a report on Wednesday, December 20th. Zacks Investment Research lowered Micron Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 28th. BidaskClub raised Micron Technology from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Cowen set a $50.00 price objective on Micron Technology and gave the company a “buy” rating in a report on Tuesday, December 5th. Finally, JPMorgan Chase & Co. increased their price objective on Micron Technology to $60.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and three have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $64.52.

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Shares of Micron Technology (MU) opened at $54.21 on Monday. The company has a current ratio of 2.58, a quick ratio of 2.06 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $62,870.86, a P/E ratio of 6.57, a P/E/G ratio of 0.52 and a beta of 1.46. Micron Technology has a 52-week low of $26.36 and a 52-week high of $63.42.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 EPS for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.27. The company had revenue of $7.35 billion during the quarter, compared to the consensus estimate of $7.28 billion. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. Micron Technology’s revenue was up 58.2% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. research analysts anticipate that Micron Technology will post 10.41 EPS for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MU. New York State Common Retirement Fund raised its position in Micron Technology by 3.4% during the third quarter. New York State Common Retirement Fund now owns 2,782,149 shares of the semiconductor manufacturer’s stock valued at $109,422,000 after purchasing an additional 90,949 shares in the last quarter. TD Asset Management Inc. raised its position in Micron Technology by 0.4% during the third quarter. TD Asset Management Inc. now owns 372,907 shares of the semiconductor manufacturer’s stock valued at $14,666,000 after purchasing an additional 1,661 shares in the last quarter. Nordea Investment Management AB raised its position in Micron Technology by 11.0% during the third quarter. Nordea Investment Management AB now owns 328,973 shares of the semiconductor manufacturer’s stock valued at $12,939,000 after purchasing an additional 32,509 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Micron Technology by 5.7% during the third quarter. Great West Life Assurance Co. Can now owns 945,180 shares of the semiconductor manufacturer’s stock valued at $36,312,000 after purchasing an additional 50,653 shares in the last quarter. Finally, Hosking Partners LLP raised its position in Micron Technology by 0.4% during the third quarter. Hosking Partners LLP now owns 1,564,040 shares of the semiconductor manufacturer’s stock valued at $61,514,000 after purchasing an additional 6,246 shares in the last quarter. Institutional investors and hedge funds own 82.49% 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.

The Fly

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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