KeyCorp Forecasts Strong Price Appreciation for Micron Technology (NASDAQ:MU) Stock

Micron Technology (NASDAQ:MU) had its target price lifted by equities researchers at KeyCorp from $160.00 to $215.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. KeyCorp’s target price points to a potential upside of 29.20% from the stock’s current price.

MU has been the subject of several other reports. Deutsche Bank Aktiengesellschaft increased their price objective on Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, September 15th. Susquehanna increased their price objective on Micron Technology from $160.00 to $200.00 and gave the company a “positive” rating in a report on Wednesday, September 17th. Robert W. Baird increased their price objective on Micron Technology from $163.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, June 27th. UBS Group increased their price objective on Micron Technology from $155.00 to $185.00 and gave the company a “buy” rating in a report on Monday, September 15th. Finally, KGI Securities downgraded Micron Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $174.38.

Micron Technology Stock Performance

Shares of MU opened at $166.41 on Wednesday. The company has a market capitalization of $186.23 billion, a price-to-earnings ratio of 29.98 and a beta of 1.47. Micron Technology has a 52-week low of $61.54 and a 52-week high of $170.45. The stock has a 50 day moving average price of $125.66 and a 200 day moving average price of $106.69. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%.During the same period in the prior year, the company earned $0.62 earnings per share. Research analysts predict that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the sale, the director owned 20,146 shares in the company, valued at approximately $2,330,287.82. This trade represents a 10.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 13,798 shares of Micron Technology stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $162.20, for a total value of $2,238,035.60. Following the sale, the chief executive officer owned 325,148 shares of the company’s stock, valued at approximately $52,739,005.60. This represents a 4.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,946 shares of company stock valued at $32,306,159 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Command Advisory Services Inc. increased its position in Micron Technology by 225.0% during the 2nd quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer’s stock worth $27,000 after purchasing an additional 153 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in Micron Technology during the 2nd quarter worth about $30,000. AlphaQuest LLC increased its position in Micron Technology by 13,250.0% during the 2nd quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 265 shares in the last quarter. WealthCollab LLC increased its position in Micron Technology by 4,500.0% during the 2nd quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 270 shares in the last quarter. Finally, Hilltop National Bank purchased a new stake in Micron Technology during the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.