Micron Technology (NASDAQ:MU) PT Raised to $53.00

Micron Technology (NASDAQ:MU) had its price objective hoisted by Cowen from $50.00 to $53.00 in a report published on Wednesday, December 20th, Marketbeat Ratings reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently weighed in on the company. Mizuho increased their price target on Micron Technology from $45.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, December 20th. Needham & Company LLC reiterated a buy rating and issued a $76.00 price target on shares of Micron Technology in a report on Wednesday, December 20th. Loop Capital increased their price objective on Micron Technology to $56.00 and gave the stock a buy rating in a research note on Wednesday, December 20th. JPMorgan Chase & Co. increased their price objective on Micron Technology to $60.00 and gave the stock an overweight rating in a research note on Wednesday, December 20th. Finally, Citigroup reissued a buy rating and issued a $55.00 price objective (down previously from $60.00) on shares of Micron Technology in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology presently has a consensus rating of Buy and an average target price of $55.33.

Micron Technology (NASDAQ MU) traded down $0.01 during midday trading on Wednesday, hitting $42.81. The stock had a trading volume of 28,380,800 shares, compared to its average volume of 46,950,000. The company has a market capitalization of $49,500.00, a price-to-earnings ratio of 6.74, a price-to-earnings-growth ratio of 0.44 and a beta of 1.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39. Micron Technology has a 1 year low of $21.49 and a 1 year high of $49.89.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The business had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s quarterly revenue was up 71.4% compared to the same quarter last year. sell-side analysts forecast that Micron Technology will post 9.78 earnings per share for the current fiscal year.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $41.38, for a total transaction of $124,140.00. Following the completion of the transaction, the director now owns 116,699 shares in the company, valued at approximately $4,829,004.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction dated Friday, December 28th. The shares were sold at an average price of $42.40, for a total value of $2,583,050.40. Following the transaction, the senior vice president now owns 202,486 shares of the company’s stock, valued at approximately $8,585,406.40. The disclosure for this sale can be found here. Insiders sold a total of 188,720 shares of company stock valued at $8,046,240 in the last 90 days. 0.53% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the company. First Citizens Bank & Trust Co. boosted its holdings in Micron Technology by 6.3% in the 4th quarter. First Citizens Bank & Trust Co. now owns 26,876 shares of the semiconductor manufacturer’s stock worth $1,105,000 after buying an additional 1,587 shares during the last quarter. DnB Asset Management AS boosted its holdings in Micron Technology by 3.7% in the 4th quarter. DnB Asset Management AS now owns 2,618,222 shares of the semiconductor manufacturer’s stock worth $107,661,000 after buying an additional 93,230 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in Micron Technology in the 4th quarter worth about $6,571,000. Prudential Financial Inc. boosted its holdings in Micron Technology by 17.1% in the 3rd quarter. Prudential Financial Inc. now owns 1,775,481 shares of the semiconductor manufacturer’s stock worth $69,830,000 after buying an additional 259,557 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of Micron Technology by 1.5% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 3,383,098 shares of the semiconductor manufacturer’s stock worth $133,057,000 after purchasing an additional 51,527 shares during the last quarter. Hedge funds and other institutional investors own 80.89% of the company’s stock.

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