Micron Technology, Inc. (MU) Upgraded by BidaskClub to “Strong-Buy”

BidaskClub upgraded shares of Micron Technology, Inc. (NASDAQ:MU) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday morning.

A number of other equities analysts have also weighed in on the company. FBN Securities began coverage on Micron Technology in a research note on Monday. They set an outperform rating and a $45.00 price objective on the stock. Deutsche Bank AG reissued a buy rating and set a $37.00 price objective on shares of Micron Technology in a research note on Wednesday, September 6th. Credit Suisse Group reissued an outperform rating and set a $40.00 price objective on shares of Micron Technology in a research note on Wednesday, September 6th. Morgan Stanley reissued an overweight rating and set a $36.00 price objective on shares of Micron Technology in a research note on Wednesday, September 6th. Finally, J P Morgan Chase & Co reissued a buy rating on shares of Micron Technology in a research note on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $36.27.

Shares of Micron Technology (MU) opened at 34.29 on Tuesday. The company has a 50-day moving average price of $30.16 and a 200-day moving average price of $29.08. The company has a market capitalization of $38.06 billion, a P/E ratio of 15.06 and a beta of 1.75. Micron Technology has a 12 month low of $16.17 and a 12 month high of $34.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.25. The company had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The firm’s revenue for the quarter was up 92.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) earnings per share. On average, analysts forecast that Micron Technology will post $4.72 EPS for the current fiscal year.

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In other Micron Technology news, SVP Brian Shirley sold 27,250 shares of the stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $31.54, for a total transaction of $859,465.00. Following the completion of the sale, the senior vice president now directly owns 292,211 shares of the company’s stock, valued at approximately $9,216,334.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP April S. Arnzen sold 1,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $30.12, for a total value of $30,120.00. Following the sale, the senior vice president now directly owns 51,542 shares of the company’s stock, valued at $1,552,445.04. The disclosure for this sale can be found here. Insiders have sold a total of 63,577 shares of company stock valued at $1,965,192 over the last ninety days. 0.69% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Achmea Investment Management B.V. lifted its holdings in shares of Micron Technology by 59.0% in the 2nd quarter. Achmea Investment Management B.V. now owns 51,145 shares of the semiconductor manufacturer’s stock valued at $1,525,000 after buying an additional 18,973 shares during the period. Navellier & Associates Inc lifted its holdings in shares of Micron Technology by 83.0% in the 2nd quarter. Navellier & Associates Inc now owns 340,780 shares of the semiconductor manufacturer’s stock valued at $10,176,000 after buying an additional 154,513 shares during the period. WFG Advisors LP lifted its holdings in shares of Micron Technology by 25.3% in the 2nd quarter. WFG Advisors LP now owns 11,650 shares of the semiconductor manufacturer’s stock valued at $348,000 after buying an additional 2,350 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Micron Technology by 25.9% in the 2nd quarter. Toronto Dominion Bank now owns 352,381 shares of the semiconductor manufacturer’s stock valued at $10,520,000 after buying an additional 72,601 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $874,000. 79.34% of the stock is owned by institutional investors and hedge funds.

About Micron Technology

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