Micron Technology, Inc. (NASDAQ:MU) was upgraded by stock analysts at Goldman Sachs Group, Inc. (The) from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.
Several other analysts have also recently issued reports on the stock. Morgan Stanley upped their target price on shares of Micron Technology from $34.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, July 3rd. Standpoint Research cut shares of Micron Technology from a “buy” rating to a “reduce” rating in a research report on Wednesday, May 24th. BidaskClub cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Zacks Investment Research cut shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 24th. Finally, Citigroup Inc. set a $45.00 target price on shares of Micron Technology and gave the company a “buy” rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $36.05.
Shares of Micron Technology (MU) traded up 2.54% on Tuesday, hitting $34.29. The stock had a trading volume of 38,685,769 shares. The company has a 50 day moving average price of $30.16 and a 200-day moving average price of $29.08. Micron Technology has a 12 month low of $16.17 and a 12 month high of $34.54. The stock has a market cap of $38.06 billion, a PE ratio of 15.06 and a beta of 1.75.
Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.25. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.41 billion. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The business’s revenue was up 92.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.08) EPS. On average, equities research analysts anticipate that Micron Technology will post $4.72 earnings per share for the current year.
In other news, CFO Ernest E. Maddock purchased 3,400 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $27.89 per share, for a total transaction of $94,826.00. Following the completion of the transaction, the chief financial officer now owns 192,385 shares in the company, valued at $5,365,617.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $29.35, for a total transaction of $88,050.00. Following the sale, the director now owns 124,384 shares in the company, valued at approximately $3,650,670.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,577 shares of company stock worth $1,965,192. 0.69% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in MU. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Micron Technology in the second quarter valued at about $500,000. IHT Wealth Management LLC acquired a new stake in shares of Micron Technology in the second quarter valued at about $1,056,000. Wynnefield Capital Inc. acquired a new stake in shares of Micron Technology in the first quarter valued at about $13,519,000. Captrust Financial Advisors acquired a new stake in shares of Micron Technology in the second quarter valued at about $107,000. Finally, Guardian Life Insurance Co. of America grew its position in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after purchasing an additional 13 shares during the period. Institutional investors own 79.34% of the company’s stock.
Micron Technology Company Profile
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