Micron Technology (NASDAQ:MU) Rating Increased to Buy at Longbow Research

Micron Technology (NASDAQ:MU) was upgraded by investment analysts at Longbow Research from a “neutral” rating to a “buy” rating in a report issued on Wednesday, Marketbeat reports. The firm presently has a $66.00 price target on the semiconductor manufacturer’s stock. Longbow Research’s price target would suggest a potential upside of 29.64% from the company’s previous close.

A number of other equities analysts have also recently issued reports on MU. Morgan Stanley raised shares of Micron Technology from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $31.00 to $48.00 in a research report on Tuesday, July 30th. Bank of America increased their price objective on shares of Micron Technology from $45.00 to $60.00 and gave the stock an “average” rating in a research report on Thursday, July 18th. Nomura dropped their price target on shares of Micron Technology from $45.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, June 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $60.00 price target on shares of Micron Technology in a research report on Friday, May 24th. Finally, Susquehanna Bancshares reaffirmed a “hold” rating on shares of Micron Technology in a research report on Monday, August 26th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-one have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $50.19.

NASDAQ MU traded up $0.47 on Wednesday, reaching $50.91. The company had a trading volume of 430,776 shares, compared to its average volume of 18,772,324. The firm has a market cap of $54.52 billion, a price-to-earnings ratio of 4.31 and a beta of 1.95. Micron Technology has a fifty-two week low of $28.39 and a fifty-two week high of $51.39. The business has a 50 day moving average of $44.93 and a two-hundred day moving average of $40.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.79 and a quick ratio of 1.88.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.30. The business had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The business’s quarterly revenue was down 38.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.15 earnings per share. As a group, research analysts predict that Micron Technology will post 6.08 earnings per share for the current fiscal year.

In other news, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $45.00, for a total transaction of $900,000.00. Following the completion of the sale, the executive vice president now owns 130,236 shares in the company, valued at approximately $5,860,620. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael W. Bokan sold 20,488 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.71, for a total transaction of $936,506.48. Following the sale, the senior vice president now owns 43,117 shares of the company’s stock, valued at approximately $1,970,878.07. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,735 shares of company stock valued at $3,736,994. Company insiders own 0.20% of the company’s stock.

Several hedge funds have recently modified their holdings of MU. Raymond James Trust N.A. increased its position in shares of Micron Technology by 2.2% during the second quarter. Raymond James Trust N.A. now owns 10,868 shares of the semiconductor manufacturer’s stock valued at $419,000 after buying an additional 238 shares during the period. Berman Capital Advisors LLC increased its position in shares of Micron Technology by 56.7% during the first quarter. Berman Capital Advisors LLC now owns 705 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 255 shares during the period. Private Capital Group LLC increased its position in shares of Micron Technology by 17.2% during the second quarter. Private Capital Group LLC now owns 1,803 shares of the semiconductor manufacturer’s stock valued at $95,000 after buying an additional 265 shares during the period. Parallel Advisors LLC increased its position in shares of Micron Technology by 6.8% during the second quarter. Parallel Advisors LLC now owns 4,575 shares of the semiconductor manufacturer’s stock valued at $177,000 after buying an additional 293 shares during the period. Finally, Grove Bank & Trust increased its position in shares of Micron Technology by 1.7% during the second quarter. Grove Bank & Trust now owns 18,213 shares of the semiconductor manufacturer’s stock valued at $703,000 after buying an additional 296 shares during the period. Institutional investors own 76.73% of the company’s stock.

About Micron Technology

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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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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