Micron Technology (NASDAQ:MU) had its price target hoisted by KeyCorp from $72.00 to $80.00 in a research note released on Tuesday. The firm currently has an overweight rating on the semiconductor manufacturer’s stock. KeyCorp also issued estimates for Micron Technology’s Q3 2018 earnings at $3.10 EPS, Q4 2018 earnings at $3.11 EPS, FY2018 earnings at $11.41 EPS, Q1 2019 earnings at $2.82 EPS, Q2 2019 earnings at $2.75 EPS, Q3 2019 earnings at $2.80 EPS, Q4 2019 earnings at $2.84 EPS and FY2019 earnings at $11.22 EPS.
Other analysts have also issued research reports about the company. Citigroup lowered Micron Technology from a buy rating to a neutral rating in a research note on Friday, March 23rd. ValuEngine lowered Micron Technology from a buy rating to a hold rating in a research note on Wednesday, May 2nd. Nomura increased their target price on Micron Technology and gave the stock a buy rating in a research note on Monday, March 12th. Morgan Stanley increased their target price on Micron Technology from $54.00 to $65.00 and gave the stock an overweight rating in a research note on Friday, March 23rd. Finally, Susquehanna Bancshares increased their target price on Micron Technology to $80.00 and gave the stock a positive rating in a research note on Monday, March 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $66.86.
NASDAQ:MU opened at $61.35 on Tuesday. Micron Technology has a fifty-two week low of $26.85 and a fifty-two week high of $63.42. The firm has a market cap of $71.31 billion, a P/E ratio of 13.91, a P/E/G ratio of 0.54 and a beta of 1.36. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.06 and a current ratio of 2.58.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share 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 company had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. Micron Technology’s quarterly revenue was up 58.2% compared to the same quarter last year. sell-side analysts forecast that Micron Technology will post 11.36 EPS for the current year.
Micron Technology declared that its Board of Directors has approved a stock repurchase plan on Monday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 16.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In related news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP April S. Arnzen sold 532 shares of the firm’s stock in a transaction dated 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 directly 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 90 days, insiders have sold 56,587 shares of company stock worth $2,871,752. Insiders own 0.53% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in Micron Technology by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 12,907,706 shares of the semiconductor manufacturer’s stock valued at $529,730,000 after purchasing an additional 835,541 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in Micron Technology by 26.7% during the fourth quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 9,810 shares of the semiconductor manufacturer’s stock valued at $403,000 after purchasing an additional 2,070 shares in the last quarter. Carillon Tower Advisers Inc. bought a new stake in Micron Technology during the fourth quarter valued at about $36,676,000. Guggenheim Capital LLC boosted its position in Micron Technology by 21.2% during the fourth quarter. Guggenheim Capital LLC now owns 2,279,294 shares of the semiconductor manufacturer’s stock valued at $93,725,000 after purchasing an additional 398,851 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Micron Technology by 0.5% during the first quarter. Rhumbline Advisers now owns 1,947,554 shares of the semiconductor manufacturer’s stock valued at $101,545,000 after purchasing an additional 10,158 shares in the last quarter. 78.52% of the stock is currently owned by institutional investors.
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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