Micron Technology (NASDAQ:MU) received a $108.00 price target from Stifel Nicolaus in a research note issued to investors on Thursday, MarketBeat reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 102.89% from the company’s current price.
MU has been the subject of several other research reports. JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $60.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, March 23rd. BidaskClub raised shares of Micron Technology from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Rosenblatt Securities lifted their target price on shares of Micron Technology to $120.00 in a report on Thursday, June 21st. BMO Capital Markets lifted their target price on shares of Micron Technology from $43.00 to $63.00 and gave the stock a “market perform” rating in a report on Wednesday, March 21st. Finally, ValuEngine lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Seven investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $71.65.
Micron Technology traded up $0.39, reaching $53.23, during midday trading on Thursday, according to MarketBeat. 31,631,589 shares of the company’s stock were exchanged, compared to its average volume of 45,832,088. The stock has a market cap of $61.28 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 0.56 and a beta of 1.50. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.20. Micron Technology has a one year low of $26.85 and a one year high of $64.66.
Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.76 billion. During the same quarter in the previous year, the company posted $1.62 earnings per share. Micron Technology’s quarterly revenue was up 40.1% compared to the same quarter last year. equities research analysts expect that Micron Technology will post 11.57 EPS for the current fiscal year.
Micron Technology declared that its Board of Directors has authorized a share buyback program on Monday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 16.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other news, EVP Scott J. Deboer sold 24,795 shares of the company’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $62.00, for a total value of $1,537,290.00. Following the sale, the executive vice president now directly owns 128,579 shares of the company’s stock, valued at approximately $7,971,898. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Patrick J. Byrne sold 14,360 shares of the company’s stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total transaction of $665,011.60. Following the completion of the sale, the director now directly owns 100,299 shares in the company, valued at $4,644,846.69. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.
Several hedge funds have recently modified their holdings of MU. Dimensional Fund Advisors LP grew its stake in Micron Technology by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,502,797 shares of the semiconductor manufacturer’s stock valued at $704,036,000 after buying an additional 134,067 shares during the last quarter. Amundi Pioneer Asset Management Inc. grew its position in shares of Micron Technology by 47.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock worth $316,921,000 after purchasing an additional 1,958,119 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Micron Technology by 7.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 4,874,633 shares of the semiconductor manufacturer’s stock worth $254,164,000 after purchasing an additional 337,934 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Micron Technology by 15.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,907,666 shares of the semiconductor manufacturer’s stock worth $203,746,000 after purchasing an additional 524,988 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Micron Technology by 0.7% during the 1st quarter. New York State Common Retirement Fund now owns 2,932,449 shares of the semiconductor manufacturer’s stock worth $152,898,000 after purchasing an additional 20,500 shares in the last quarter. 78.42% 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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