BMO Capital Markets Reiterates “Buy” Rating for Micron Technology (NASDAQ:MU)

BMO Capital Markets restated their buy rating on shares of Micron Technology (NASDAQ:MU) in a research report sent to investors on Thursday, TipRanks reports. BMO Capital Markets currently has a $60.00 target price on the semiconductor manufacturer’s stock.

A number of other analysts have also recently weighed in on MU. Sanford C. Bernstein set a $65.00 target price on shares of Micron Technology and gave the company a buy rating in a research note on Friday, September 27th. Zacks Investment Research cut shares of Micron Technology from a hold rating to a sell rating and set a $54.00 price target for the company. in a research note on Monday, December 16th. Needham & Company LLC lifted their price objective on Micron Technology from $60.00 to $70.00 and gave the company a buy rating in a report on Tuesday, December 17th. Wedbush upgraded Micron Technology from a neutral rating to an outperform rating and upped their price objective for the company from $44.00 to $65.00 in a research note on Tuesday, December 17th. Finally, BidaskClub upgraded Micron Technology from a hold rating to a buy rating in a research note on Friday, December 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Micron Technology has an average rating of Buy and an average target price of $60.55.

MU opened at $55.06 on Thursday. The company has a market capitalization of $60.43 billion, a P/E ratio of 8.95 and a beta of 1.96. 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 firm’s fifty day moving average price is $48.25 and its two-hundred day moving average price is $44.30. Micron Technology has a fifty-two week low of $28.39 and a fifty-two week high of $55.93.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. The company had revenue of $5.14 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The business’s revenue was down 35.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 EPS. On average, equities research analysts expect that Micron Technology will post 2.25 EPS for the current fiscal year.

In related news, SVP April S. Arnzen sold 2,477 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $48.47, for a total transaction of $120,060.19. Following the transaction, the senior vice president now owns 72,431 shares in the company, valued at approximately $3,510,730.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $55.00, for a total transaction of $1,100,000.00. Following the sale, the executive vice president now directly owns 148,368 shares in the company, valued at approximately $8,160,240. The disclosure for this sale can be found here. Insiders have sold a total of 54,527 shares of company stock valued at $2,636,490 over the last ninety days. Insiders own 0.18% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of MU. Price T Rowe Associates Inc. MD raised its stake in shares of Micron Technology by 56.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 29,459,631 shares of the semiconductor manufacturer’s stock worth $1,136,847,000 after acquiring an additional 10,672,909 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Micron Technology by 154.2% during the second quarter. Renaissance Technologies LLC now owns 9,735,914 shares of the semiconductor manufacturer’s stock worth $375,709,000 after purchasing an additional 5,905,239 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of Micron Technology by 508.8% during the second quarter. Nuveen Asset Management LLC now owns 4,993,986 shares of the semiconductor manufacturer’s stock valued at $192,717,000 after purchasing an additional 4,173,660 shares during the last quarter. Viking Global Investors LP grew its stake in shares of Micron Technology by 180.9% during the second quarter. Viking Global Investors LP now owns 6,431,167 shares of the semiconductor manufacturer’s stock valued at $248,179,000 after purchasing an additional 4,141,275 shares during the last quarter. Finally, Platinum Investment Management Ltd. grew its stake in shares of Micron Technology by 95.9% during the second quarter. Platinum Investment Management Ltd. now owns 5,021,110 shares of the semiconductor manufacturer’s stock valued at $193,765,000 after purchasing an additional 2,458,645 shares during the last quarter. Hedge funds and other institutional investors own 77.30% of the company’s stock.

About Micron Technology

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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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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