Micron Technology (NASDAQ:MU) Given New $70.00 Price Target at KeyCorp

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Micron Technology (NASDAQ:MU) had its target price upped by KeyCorp from $59.00 to $70.00 in a research report released on Tuesday, BenzingaRatingsTable reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other research analysts also recently issued reports on MU. BMO Capital Markets downgraded shares of Micron Technology from an outperform rating to a market perform rating and reduced their price target for the stock from $60.00 to $55.00 in a research report on Tuesday, June 23rd. Bank of America raised their price target on shares of Micron Technology from $60.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, May 28th. Rosenblatt Securities restated a buy rating and issued a $100.00 price target on shares of Micron Technology in a research report on Monday. UBS Group reduced their price target on shares of Micron Technology from $70.00 to $66.00 and set a buy rating on the stock in a research report on Tuesday, May 26th. Finally, Citigroup restated a sell rating on shares of Micron Technology in a research report on Thursday, May 28th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $63.42.

NASDAQ MU opened at $51.52 on Tuesday. Micron Technology has a 12 month low of $31.13 and a 12 month high of $61.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.74 and a quick ratio of 1.85. The company has a market capitalization of $54.66 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 2.15 and a beta of 1.61. The company’s fifty day moving average price is $48.40 and its two-hundred day moving average price is $50.07.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Monday, June 29th. The semiconductor manufacturer reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.11. Micron Technology had a net margin of 11.16% and a return on equity of 6.36%. The firm had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the firm posted $1.05 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. As a group, analysts anticipate that Micron Technology will post 2.23 EPS for the current year.

In other news, SVP April S. Arnzen sold 2,542 shares of Micron Technology stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $45.00, for a total value of $114,390.00. Following the transaction, the senior vice president now owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. RMR Wealth Builders purchased a new position in shares of Micron Technology in the fourth quarter worth approximately $27,000. Wealth Quarterback LLC purchased a new position in shares of Micron Technology in the fourth quarter worth approximately $29,000. Glassman Wealth Services increased its position in shares of Micron Technology by 65.6% in the first quarter. Glassman Wealth Services now owns 593 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 235 shares in the last quarter. Allred Capital Management LLC boosted its holdings in shares of Micron Technology by 263.8% during the first quarter. Allred Capital Management LLC now owns 633 shares of the semiconductor manufacturer’s stock worth $27,000 after purchasing an additional 459 shares during the period. Finally, Central Bank & Trust Co. acquired a new stake in shares of Micron Technology during the first quarter worth approximately $25,000. 80.06% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile

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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