Micron Technology (MU) Shares Gap Up on Analyst Upgrade

Shares of Micron Technology, Inc. (NASDAQ:MU) gapped up prior to trading on Tuesday after JPMorgan Chase raised their price target on the stock from $80.00 to $82.00. The stock had previously closed at $54.79, but opened at $55.48. JPMorgan Chase currently has an overweight rating on the stock. Micron Technology shares last traded at $59.44, with a volume of 67695548 shares trading hands.

Other analysts also recently issued reports about the company. MKM Partners lifted their price objective on Micron Technology to $72.00 and gave the company a “buy” rating in a report on Tuesday. Deutsche Bank lifted their price objective on Micron Technology from $68.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday. Cowen lifted their price objective on Micron Technology from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday. Credit Suisse Group lifted their price objective on Micron Technology from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Barclays lifted their price objective on Micron Technology to $65.00 and gave the company an “overweight” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. Micron Technology currently has an average rating of “Buy” and a consensus target price of $65.86.

In related news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $48.00, for a total value of $144,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP April S. Arnzen sold 532 shares of the company’s 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 completion of the sale, the senior vice president now owns 57,437 shares in the company, valued at approximately $3,434,732.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,587 shares of company stock worth $2,871,752. 0.53% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Clearwater Capital Advisors LLC purchased a new stake in Micron Technology in the 1st quarter worth approximately $104,000. Avestar Capital LLC boosted its position in Micron Technology by 7,994.3% in the 1st quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after purchasing an additional 2,798 shares in the last quarter. SevenBridge Financial Group LLC boosted its position in Micron Technology by 71.6% in the 4th quarter. SevenBridge Financial Group LLC now owns 4,375 shares of the semiconductor manufacturer’s stock worth $180,000 after purchasing an additional 1,825 shares in the last quarter. Lee Financial Co purchased a new stake in Micron Technology in the 1st quarter worth approximately $188,000. Finally, Pictet & Cie Europe SA purchased a new stake in Micron Technology in the 1st quarter worth approximately $201,000. Hedge funds and other institutional investors own 78.52% of the company’s stock.

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 stock has a market capitalization of $61.92 billion, a P/E ratio of 13.54, a P/E/G ratio of 0.49 and a beta of 1.36.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.27. The business had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.28 billion. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The business’s quarterly revenue was up 58.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. analysts forecast that Micron Technology, Inc. will post 10.92 earnings per share for the current year.

Micron Technology declared that its Board of Directors has authorized a stock buyback program on Monday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About Micron Technology

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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