Micron Technology (NASDAQ:MU) Hits New 52-Week High at $75.66

Micron Technology, Inc. (NASDAQ:MU) shares reached a new 52-week high on Thursday . The company traded as high as $75.66 and last traded at $75.61, with a volume of 553263 shares trading hands. The stock had previously closed at $71.92.

A number of research analysts recently weighed in on MU shares. Cowen lifted their target price on shares of Micron Technology from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 11th. Cascend Securities lifted their target price on shares of Micron Technology from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Micron Technology from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, December 2nd. Royal Bank of Canada reiterated a “buy” rating and issued a $57.00 price target on shares of Micron Technology in a research note on Tuesday, December 1st. Finally, Wedbush boosted their price target on shares of Micron Technology from $55.00 to $82.00 in a research note on Tuesday, December 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology presently has an average rating of “Buy” and an average target price of $69.40.

The company has a market capitalization of $83.97 billion, a P/E ratio of 31.72, a P/E/G ratio of 1.83 and a beta of 1.37. The firm’s fifty day moving average is $67.70 and its 200 day moving average is $53.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.86 and a current ratio of 2.71.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, September 29th. The semiconductor manufacturer reported $1.08 EPS for the quarter, beating the consensus estimate of $0.95 by $0.13. The company had revenue of $6.06 billion for the quarter, compared to the consensus estimate of $5.54 billion. Micron Technology had a net margin of 12.54% and a return on equity of 7.73%. The firm’s revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 EPS. On average, analysts forecast that Micron Technology, Inc. will post 3.12 EPS for the current year.

In other Micron Technology news, CFO David Zinsner sold 9,051 shares of the company’s stock in a transaction dated Friday, December 18th. The shares were sold at an average price of $72.17, for a total value of $653,210.67. Following the transaction, the chief financial officer now directly owns 129,214 shares in the company, valued at approximately $9,325,374.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott J. Deboer sold 27,640 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $55.00, for a total transaction of $1,520,200.00. Following the completion of the transaction, the executive vice president now owns 198,808 shares in the company, valued at $10,934,440. The disclosure for this sale can be found here. Insiders sold a total of 126,705 shares of company stock worth $7,658,336 over the last 90 days. Insiders own 0.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Sanders Capital LLC lifted its position in shares of Micron Technology by 9.2% in the 3rd quarter. Sanders Capital LLC now owns 29,258,834 shares of the semiconductor manufacturer’s stock worth $1,498,842,000 after purchasing an additional 2,455,277 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Micron Technology by 35.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 18,026,673 shares of the semiconductor manufacturer’s stock worth $846,533,000 after purchasing an additional 4,699,280 shares during the period. Himalaya Capital Management LLC lifted its position in shares of Micron Technology by 15.8% in the 3rd quarter. Himalaya Capital Management LLC now owns 11,476,523 shares of the semiconductor manufacturer’s stock worth $538,938,000 after purchasing an additional 1,567,100 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Micron Technology by 7.2% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 9,995,052 shares of the semiconductor manufacturer’s stock worth $469,368,000 after purchasing an additional 674,441 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in shares of Micron Technology by 6.5% in the 3rd quarter. Nuveen Asset Management LLC now owns 6,664,583 shares of the semiconductor manufacturer’s stock worth $312,968,000 after purchasing an additional 407,484 shares during the period. Institutional investors and hedge funds own 71.31% of the company’s stock.

Micron Technology Company Profile (NASDAQ:MU)

Micron Technology, Inc designs, manufactures, and sells memory and storage products 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, and 3D XPoint memory under the Micron and Crucial brands, as well as through private labels.

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