Morgan Stanley Cuts Micron Technology (NASDAQ:MU) Price Target to $98.00

Micron Technology (NASDAQ:MU) had its price target lowered by Morgan Stanley from $112.00 to $98.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s target price indicates a potential upside of 15.16% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Barclays lowered their target price on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Robert W. Baird upped their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. China Renaissance lowered Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research report on Wednesday, March 26th. Finally, KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.48.

Micron Technology Stock Up 3.0 %

MU opened at $85.10 on Wednesday. The company has a market cap of $95.11 billion, a PE ratio of 24.52 and a beta of 1.21. Micron Technology has a twelve month low of $61.54 and a twelve month high of $157.54. The company has a 50-day moving average price of $82.73 and a 200 day moving average price of $93.22. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Sell-side analysts expect that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,808 shares of company stock valued at $1,858,424. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently modified their holdings of MU. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the fourth quarter worth $26,000. Beacon Capital Management LLC boosted its position in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after acquiring an additional 200 shares in the last quarter. Midwest Capital Advisors LLC purchased a new position in shares of Micron Technology in the 4th quarter valued at about $33,000. Opal Wealth Advisors LLC purchased a new position in shares of Micron Technology in the 1st quarter valued at about $33,000. Finally, Activest Wealth Management lifted its stake in Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 350 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.