Micron Technology (NASDAQ:MU) Price Target Cut to $40.00

Micron Technology (NASDAQ:MU) had its price target reduced by investment analysts at Barclays from $45.00 to $40.00 in a note issued to investors on Thursday, June 6th, The Fly reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays‘s price objective points to a potential downside of 0.27% from the company’s current price.

Several other equities research analysts have also recently commented on MU. Zacks Investment Research raised Micron Technology from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. UBS Group boosted their target price on shares of Micron Technology to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Morgan Stanley lowered shares of Micron Technology from an “equal weight” rating to an “underweight” rating and set a $32.00 target price for the company. in a research report on Thursday, April 4th. Mizuho cut their target price on shares of Micron Technology from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, ValuEngine lowered shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nineteen have assigned a buy rating to the stock. Micron Technology currently has an average rating of “Hold” and an average price target of $45.81.

NASDAQ:MU traded up $1.52 during mid-day trading on Thursday, reaching $40.11. The stock had a trading volume of 57,494,343 shares, compared to its average volume of 30,504,025. The stock has a market cap of $42.60 billion, a P/E ratio of 3.39 and a beta of 1.97. Micron Technology has a 1-year low of $28.39 and a 1-year high of $58.15. The business has a 50 day simple moving average of $34.69. The company has a quick ratio of 1.88, a current ratio of 2.79 and a debt-to-equity ratio of 0.10.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.70 billion. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The company’s revenue for the quarter was down 38.6% compared to the same quarter last year. During the same period last year, the firm earned $3.15 earnings per share. As a group, analysts predict that Micron Technology will post 6.06 EPS for the current fiscal year.

In other news, SVP Joel L. Poppen sold 20,210 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $41.45, for a total value of $837,704.50. Following the transaction, the senior vice president now directly owns 269,368 shares of the company’s stock, valued at approximately $11,165,303.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc lifted its position in shares of Micron Technology by 1.4% in the third quarter. Vanguard Group Inc now owns 87,876,412 shares of the semiconductor manufacturer’s stock valued at $3,974,651,000 after acquiring an additional 1,176,989 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Micron Technology by 48.5% in the fourth quarter. Advisors Asset Management Inc. now owns 24,689 shares of the semiconductor manufacturer’s stock valued at $783,000 after acquiring an additional 8,064 shares in the last quarter. LS Investment Advisors LLC lifted its position in shares of Micron Technology by 21.6% in the fourth quarter. LS Investment Advisors LLC now owns 37,220 shares of the semiconductor manufacturer’s stock valued at $1,181,000 after acquiring an additional 6,623 shares in the last quarter. IndexIQ Advisors LLC lifted its position in shares of Micron Technology by 57.0% in the fourth quarter. IndexIQ Advisors LLC now owns 134,310 shares of the semiconductor manufacturer’s stock valued at $4,262,000 after acquiring an additional 48,765 shares in the last quarter. Finally, Yacktman Asset Management LP lifted its position in shares of Micron Technology by 98.9% in the fourth quarter. Yacktman Asset Management LP now owns 512,092 shares of the semiconductor manufacturer’s stock valued at $16,249,000 after acquiring an additional 254,579 shares in the last quarter. Hedge funds and other institutional investors own 77.03% of the company’s stock.

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.

Further Reading: What is channel trading?

The Fly

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.