A number of other research analysts also recently issued reports on the stock. Wedbush raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $100.00 to $120.00 in a research report on Monday, February 14th. Susquehanna reissued a “buy” rating and set a $115.00 price target on shares of Micron Technology in a report on Monday, May 16th. Piper Sandler lowered Micron Technology from a “neutral” rating to an “underweight” rating and cut their price target for the company from $90.00 to $70.00 in a report on Friday. Mizuho boosted their price target on Micron Technology from $110.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, March 30th. Finally, Sanford C. Bernstein raised shares of Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 target price for the company in a report on Wednesday, March 16th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $112.92.
Micron Technology stock traded down $5.43 during mid-day trading on Friday, reaching $69.94. The stock had a trading volume of 30,099,974 shares, compared to its average volume of 21,679,348. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 3.11. Micron Technology has a fifty-two week low of $65.67 and a fifty-two week high of $98.45. The firm has a market capitalization of $78.10 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 0.25 and a beta of 1.17. The stock’s 50-day simple moving average is $71.99 and its 200-day simple moving average is $81.11.
Micron Technology (NASDAQ:MU – Get Rating) last posted its quarterly earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.20. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The company had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 25.6% compared to the same quarter last year. On average, research analysts forecast that Micron Technology will post 9.15 earnings per share for the current fiscal year.
In other news, SVP April S. Arnzen sold 5,600 shares of the business’s stock in a transaction dated Thursday, March 24th. The stock was sold at an average price of $76.00, for a total value of $425,600.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.32% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital World Investors raised its position in shares of Micron Technology by 84.5% in the fourth quarter. Capital World Investors now owns 27,419,458 shares of the semiconductor manufacturer’s stock worth $2,554,123,000 after buying an additional 12,554,989 shares in the last quarter. Norges Bank bought a new stake in shares of Micron Technology in the 4th quarter valued at about $1,052,794,000. Capital Research Global Investors boosted its position in Micron Technology by 28.6% during the 1st quarter. Capital Research Global Investors now owns 33,193,160 shares of the semiconductor manufacturer’s stock valued at $2,585,436,000 after buying an additional 7,380,205 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Micron Technology by 558.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,777,963 shares of the semiconductor manufacturer’s stock valued at $636,395,000 after buying an additional 5,748,883 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Micron Technology by 148.7% in the 4th quarter. Renaissance Technologies LLC now owns 4,066,036 shares of the semiconductor manufacturer’s stock worth $378,751,000 after purchasing an additional 2,431,300 shares in the last quarter. Hedge funds and other institutional investors own 80.35% of the company’s stock.
About Micron Technology (Get Rating)
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 provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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