Micron Technology (MU) Downgraded by Robert W. Baird to Underperform

Robert W. Baird lowered shares of Micron Technology (NASDAQ:MU) from an outperform rating to an underperform rating in a research report sent to investors on Tuesday morning, Marketbeat reports. Robert W. Baird currently has $32.00 price objective on the semiconductor manufacturer’s stock.

Several other equities research analysts also recently issued reports on MU. ValuEngine raised shares of Micron Technology from a strong sell rating to a sell rating in a research note on Thursday, November 1st. BidaskClub raised shares of Micron Technology from a strong sell rating to a sell rating in a report on Friday, November 2nd. Piper Jaffray Companies set a $48.00 price objective on shares of Micron Technology and gave the stock a hold rating in a report on Saturday, October 20th. BMO Capital Markets reissued a hold rating and set a $45.00 price objective (down from $63.00) on shares of Micron Technology in a report on Monday, September 17th. Finally, Deutsche Bank decreased their price objective on shares of Micron Technology from $80.00 to $60.00 and set a buy rating for the company in a report on Tuesday, September 18th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. Micron Technology has a consensus rating of Buy and an average price target of $65.49.

Shares of MU stock traded up $0.89 during mid-day trading on Tuesday, reaching $37.01. The company’s stock had a trading volume of 6,495,145 shares, compared to its average volume of 31,967,108. Micron Technology has a 12-month low of $33.82 and a 12-month high of $64.66. The company has a current ratio of 2.79, a quick ratio of 2.16 and a debt-to-equity ratio of 0.11. The company has a market cap of $41.77 billion, a PE ratio of 3.13, a P/E/G ratio of 0.58 and a beta of 1.69.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating the Zacks’ consensus estimate of $3.33 by $0.20. Micron Technology had a net margin of 46.51% and a return on equity of 51.68%. The business had revenue of $8.44 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter last year, the firm posted $2.02 EPS. The business’s revenue for the quarter was up 37.5% compared to the same quarter last year. Equities research analysts expect that Micron Technology will post 10.03 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the business. Cornerstone Wealth Management LLC lifted its stake in shares of Micron Technology by 5,641.8% in the second quarter. Cornerstone Wealth Management LLC now owns 247,011 shares of the semiconductor manufacturer’s stock worth $4,534,000 after buying an additional 242,709 shares during the last quarter. Sumitomo Life Insurance Co. lifted its stake in shares of Micron Technology by 4.2% in the second quarter. Sumitomo Life Insurance Co. now owns 41,490 shares of the semiconductor manufacturer’s stock worth $2,176,000 after buying an additional 1,675 shares during the last quarter. Leavell Investment Management Inc. acquired a new stake in shares of Micron Technology in the second quarter worth $393,000. Bank Hapoalim BM lifted its stake in shares of Micron Technology by 70.2% in the second quarter. Bank Hapoalim BM now owns 31,135 shares of the semiconductor manufacturer’s stock worth $1,633,000 after buying an additional 12,840 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Micron Technology by 26.9% in the second quarter. Acadian Asset Management LLC now owns 15,287 shares of the semiconductor manufacturer’s stock worth $801,000 after buying an additional 3,245 shares during the last quarter. Institutional investors own 74.14% of the company’s stock.

About Micron Technology

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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