Investors Buy Shares of Micron Technology (MU) on Weakness

Traders purchased shares of Micron Technology (NASDAQ:MU) on weakness during trading hours on Friday. $562.28 million flowed into the stock on the tick-up and $495.79 million flowed out of the stock on the tick-down, for a money net flow of $66.49 million into the stock. Of all stocks tracked, Micron Technology had the 5th highest net in-flow for the day. Micron Technology traded down ($0.36) for the day and closed at $52.23

A number of analysts recently weighed in on MU shares. Citigroup restated a “buy” rating and issued a $55.00 target price (down previously from $60.00) on shares of Micron Technology in a research report on Wednesday, December 20th. JPMorgan Chase lifted their price target on Micron Technology to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. Loop Capital lifted their price target on Micron Technology to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $76.00 price target on shares of Micron Technology in a research note on Wednesday, December 20th. Finally, Mizuho lifted their price target on Micron Technology from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $63.66.

The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29. The company has a market cap of $60,992.04, a PE ratio of 11.84, a P/E/G ratio of 0.48 and a beta of 1.33.

Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.27. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The firm had revenue of $7.35 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The business’s revenue was up 58.2% compared to the same quarter last year. analysts anticipate that Micron Technology will post 10.85 EPS for the current fiscal year.

In related news, SVP April S. Arnzen sold 1,222 shares of Micron Technology stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $43.77, for a total transaction of $53,486.94. Following the sale, the senior vice president now directly owns 57,969 shares in the company, valued at $2,537,303.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP April S. Arnzen sold 532 shares of Micron Technology stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $59.80, for a total value of $31,813.60. Following the sale, the senior vice president now owns 57,437 shares in the company, valued at $3,434,732.60. The disclosure for this sale can be found here. Insiders have sold 61,199 shares of company stock worth $3,028,117 over the last three months. Insiders own 0.53% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intrust Bank NA boosted its position in shares of Micron Technology by 9.0% during the fourth quarter. Intrust Bank NA now owns 15,287 shares of the semiconductor manufacturer’s stock valued at $629,000 after purchasing an additional 1,264 shares in the last quarter. First Republic Investment Management Inc. boosted its holdings in Micron Technology by 12.5% in the third quarter. First Republic Investment Management Inc. now owns 11,960 shares of the semiconductor manufacturer’s stock worth $470,000 after acquiring an additional 1,329 shares in the last quarter. Pitcairn Co. boosted its holdings in Micron Technology by 9.1% in the fourth quarter. Pitcairn Co. now owns 18,136 shares of the semiconductor manufacturer’s stock worth $746,000 after acquiring an additional 1,506 shares in the last quarter. First Citizens Bank & Trust Co. boosted its holdings in Micron Technology by 6.3% in the fourth quarter. First Citizens Bank & Trust Co. now owns 26,876 shares of the semiconductor manufacturer’s stock worth $1,105,000 after acquiring an additional 1,587 shares in the last quarter. Finally, IBM Retirement Fund boosted its holdings in Micron Technology by 6.2% in the fourth quarter. IBM Retirement Fund now owns 27,311 shares of the semiconductor manufacturer’s stock worth $1,233,000 after acquiring an additional 1,601 shares in the last quarter. Institutional investors own 82.32% of the company’s stock.

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Micron Technology Company Profile

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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