Raymond James Lowers Micron Technology (NASDAQ:MU) Price Target to $60.00

Micron Technology (NASDAQ:MU) had its price objective lowered by investment analysts at Raymond James from $70.00 to $60.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has a “strong-buy” rating on the semiconductor manufacturer’s stock. Raymond James’ price target suggests a potential upside of 41.18% from the stock’s previous close.

MU has been the topic of several other research reports. Rosenblatt Securities raised their price objective on shares of Micron Technology from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC cut their target price on shares of Micron Technology from $70.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday. Longbow Research increased their target price on Micron Technology from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. BidaskClub downgraded Micron Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 26th. Finally, Mizuho dropped their price target on Micron Technology from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology has a consensus rating of “Buy” and a consensus price target of $61.36.

Shares of MU opened at $42.50 on Thursday. The stock’s 50-day simple moving average is $50.64 and its 200 day simple moving average is $50.13. The stock has a market capitalization of $47.10 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 1.99 and a beta of 1.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.78 and a current ratio of 2.56. Micron Technology has a 52-week low of $31.13 and a 52-week high of $61.19.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.69 billion. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The firm’s quarterly revenue was down 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.71 EPS. On average, research analysts forecast that Micron Technology will post 2.12 earnings per share for the current fiscal year.

In other news, SVP Joel L. Poppen sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $56.97, for a total value of $1,139,400.00. Following the transaction, the senior vice president now directly owns 301,395 shares in the company, valued at approximately $17,170,473.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP April S. Arnzen sold 4,400 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $60.00, for a total value of $264,000.00. Following the completion of the transaction, the senior vice president now owns 83,880 shares in the company, valued at $5,032,800. The disclosure for this sale can be found here. Insiders have sold a total of 28,800 shares of company stock worth $1,644,300 over the last three months. 0.18% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Old Port Advisors increased its position in shares of Micron Technology by 2.4% during the fourth quarter. Old Port Advisors now owns 8,180 shares of the semiconductor manufacturer’s stock worth $438,000 after acquiring an additional 190 shares during the period. Cooper Financial Group lifted its holdings in shares of Micron Technology by 3.2% in the 4th quarter. Cooper Financial Group now owns 6,508 shares of the semiconductor manufacturer’s stock worth $350,000 after buying an additional 199 shares during the period. Clarius Group LLC grew its position in shares of Micron Technology by 2.5% during the 4th quarter. Clarius Group LLC now owns 8,312 shares of the semiconductor manufacturer’s stock worth $467,000 after buying an additional 201 shares in the last quarter. Xcel Wealth Management LLC grew its position in shares of Micron Technology by 3.9% during the 4th quarter. Xcel Wealth Management LLC now owns 6,625 shares of the semiconductor manufacturer’s stock worth $356,000 after buying an additional 250 shares in the last quarter. Finally, Welch Group LLC grew its position in shares of Micron Technology by 6.1% during the 4th quarter. Welch Group LLC now owns 4,360 shares of the semiconductor manufacturer’s stock worth $234,000 after buying an additional 250 shares in the last quarter. 79.22% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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