Micron Technology (NASDAQ:MU) Shares Gap Up to $59.27

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Micron Technology, Inc. (NASDAQ:MU) gapped up prior to trading on Thursday . The stock had previously closed at $59.50, but opened at $59.27. Micron Technology shares last traded at $59.89, with a volume of 16,312,453 shares.

A number of research firms have recently weighed in on MU. Raymond James raised Micron Technology from a “market perform” rating to a “strong-buy” rating and set a $70.00 price target for the company in a report on Thursday, February 6th. Zacks Investment Research cut Micron Technology from a “hold” rating to a “sell” rating and set a $54.00 price target for the company. in a report on Monday, December 16th. Cleveland Research raised Micron Technology from a “neutral” rating to a “buy” rating in a report on Tuesday, January 14th. Cowen raised Micron Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $50.00 to $70.00 in a report on Tuesday, January 7th. Finally, Citigroup boosted their price target on Micron Technology from $35.00 to $38.00 and gave the stock a “sell” rating in a report on Thursday, December 19th. Five analysts have rated the stock with a sell rating, three have given a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $64.50.

The firm has a market cap of $64.83 billion, a PE ratio of 18.99 and a beta of 1.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 1.78. The stock has a 50-day moving average price of $56.28 and a 200 day moving average price of $49.14.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.01. The business had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $4.78 billion. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The business’s revenue for the quarter was down 35.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 2.15 earnings per share for the current year.

In other Micron Technology news, SVP Joel L. Poppen sold 20,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the completion of the sale, the senior vice president now owns 301,395 shares of the company’s stock, valued at $17,170,473.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP April S. Arnzen sold 4,400 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $60.00, for a total value of $264,000.00. Following the sale, the senior vice president now directly owns 83,880 shares of the company’s stock, valued at approximately $5,032,800. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,934 shares of company stock valued at $2,712,417. Company insiders own 0.18% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MU. Sanders Capital LLC grew its position in Micron Technology by 256.9% during the fourth quarter. Sanders Capital LLC now owns 18,507,152 shares of the semiconductor manufacturer’s stock valued at $1,091,353,000 after acquiring an additional 13,321,570 shares during the period. Boston Partners grew its position in Micron Technology by 9,655.1% during the fourth quarter. Boston Partners now owns 7,641,070 shares of the semiconductor manufacturer’s stock valued at $411,055,000 after acquiring an additional 7,562,741 shares during the period. Prudential Financial Inc. grew its position in Micron Technology by 175.6% during the fourth quarter. Prudential Financial Inc. now owns 4,139,343 shares of the semiconductor manufacturer’s stock valued at $222,613,000 after acquiring an additional 2,637,563 shares during the period. Amundi Pioneer Asset Management Inc. grew its position in Micron Technology by 56.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 6,373,523 shares of the semiconductor manufacturer’s stock valued at $342,767,000 after acquiring an additional 2,289,871 shares during the period. Finally, FIL Ltd grew its position in Micron Technology by 155.9% during the fourth quarter. FIL Ltd now owns 3,137,913 shares of the semiconductor manufacturer’s stock valued at $168,757,000 after acquiring an additional 1,911,865 shares during the period. 77.23% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile (NASDAQ:MU)

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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