Micron Technology (NASDAQ:MU) Price Target Raised to $50.00 at Barclays

Micron Technology (NASDAQ:MU) had its price objective increased by Barclays from $40.00 to $50.00 in a research report released on Thursday morning, The Fly reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

MU has been the topic of a number of other reports. Stifel Nicolaus cut their price objective on shares of Micron Technology from $60.00 to $54.00 and set a buy rating on the stock in a research note on Friday, May 31st. Piper Jaffray Companies set a $52.00 price objective on shares of Core Laboratories and gave the company a hold rating in a research note on Wednesday, June 26th. Robert W. Baird cut their price objective on shares of Micron Technology from $32.00 to $28.00 and set an underperform rating on the stock in a research note on Friday, June 21st. Rosenblatt Securities restated a buy rating and set a $60.00 price objective on shares of Micron Technology in a research note on Friday, May 24th. Finally, Cfra cut shares of Micron Technology to a sell rating and set a $32.00 price objective on the stock. in a research note on Wednesday, May 22nd. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $46.77.

Shares of NASDAQ MU opened at $45.52 on Thursday. Micron Technology has a fifty-two week low of $28.39 and a fifty-two week high of $56.14. The company’s 50-day moving average is $37.19. The company has a current ratio of 2.79, a quick ratio of 1.88 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $50.25 billion, a PE ratio of 3.85 and a beta of 1.97.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The business had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the previous year, the business earned $3.15 earnings per share. The company’s revenue was down 38.6% on a year-over-year basis. Analysts expect that Micron Technology will post 6.06 EPS for the current year.

In related news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $45.00, for a total value of $900,000.00. Following the transaction, the executive vice president now owns 130,236 shares of the company’s stock, valued at approximately $5,860,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP April S. Arnzen sold 4,800 shares of Micron Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $45.00, for a total value of $216,000.00. Following the completion of the transaction, the senior vice president now directly owns 79,392 shares in the company, valued at approximately $3,572,640. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of MU. Bessemer Group Inc. boosted its stake in shares of Micron Technology by 152.9% during the fourth quarter. Bessemer Group Inc. now owns 6,144 shares of the semiconductor manufacturer’s stock valued at $195,000 after purchasing an additional 3,715 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Micron Technology by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 13,570,069 shares of the semiconductor manufacturer’s stock valued at $430,599,000 after purchasing an additional 115,976 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Micron Technology by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock valued at $463,429,000 after purchasing an additional 229,817 shares in the last quarter. Squarepoint Ops LLC boosted its stake in shares of Micron Technology by 449.7% during the fourth quarter. Squarepoint Ops LLC now owns 133,600 shares of the semiconductor manufacturer’s stock valued at $4,239,000 after purchasing an additional 109,298 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $1,093,000. 77.24% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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