JPMorgan Chase & Co. Reaffirms Overweight Rating for Micron Technology (NASDAQ:MU)

Micron Technology (NASDAQ:MU)‘s stock had its “overweight” rating reissued by JPMorgan Chase & Co. in a report released on Friday, June 21st, The Fly reports.

A number of other research analysts have also issued reports on MU. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Mizuho started coverage on DCP Midstream in a research report on Thursday, March 21st. They set a “buy” rating and a $36.00 target price on the stock. Morgan Stanley reiterated a “buy” rating on shares of Canadian Pacific Railway in a research report on Thursday, April 4th. KeyCorp lowered Luxfer from an “overweight” rating to a “sector weight” rating and set a $24.30 price objective on the stock. in a report on Monday, June 3rd. Finally, Nomura decreased their price objective on Micron Technology from $45.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, June 3rd. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $45.81.

Shares of NASDAQ:MU traded up $1.03 during midday trading on Friday, reaching $44.51. 33,228,402 shares of the company’s stock traded hands, compared to its average volume of 34,791,496. Micron Technology has a 1 year low of $28.39 and a 1 year high of $58.15. The stock has a market cap of $47.99 billion, a P/E ratio of 3.77 and a beta of 1.97. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.88 and a current ratio of 2.79. The company has a fifty day simple moving average of $35.69.

Micron Technology (NASDAQ:MU) last announced its earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter last year, the firm posted $3.15 EPS. The business’s revenue was down 38.6% on a year-over-year basis. On average, sell-side analysts forecast that Micron Technology will post 6.06 earnings per share for the current fiscal year.

In other Micron Technology news, SVP Joel L. Poppen sold 20,210 shares of the firm’s stock in a transaction 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc increased its holdings in Micron Technology by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 87,876,412 shares of the semiconductor manufacturer’s stock worth $3,974,651,000 after acquiring an additional 1,176,989 shares during the period. Canada Pension Plan Investment Board increased its holdings in Micron Technology by 77.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 387,267 shares of the semiconductor manufacturer’s stock worth $12,287,000 after acquiring an additional 169,409 shares during the period. Mackenzie Financial Corp increased its holdings in Micron Technology by 83.4% during the 4th quarter. Mackenzie Financial Corp now owns 48,811 shares of the semiconductor manufacturer’s stock worth $1,549,000 after acquiring an additional 22,200 shares during the period. Jennison Associates LLC increased its holdings in Micron Technology by 93.9% during the 4th quarter. Jennison Associates LLC now owns 67,277 shares of the semiconductor manufacturer’s stock worth $2,135,000 after acquiring an additional 32,574 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its holdings in Micron Technology by 46.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 905,476 shares of the semiconductor manufacturer’s stock worth $28,731,000 after acquiring an additional 287,374 shares during the period. 77.03% of the stock is owned by institutional investors and hedge funds.

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.

Recommended Story: Day 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.