Micron Technology (NASDAQ:MU) Shares Gap Down to $46.39

Micron Technology, Inc. (NASDAQ:MU)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $47.66, but opened at $46.39. Micron Technology shares last traded at $45.23, with a volume of 20,806,099 shares changing hands.

A number of research analysts have recently weighed in on the company. Mizuho restated a “buy” rating and issued a $53.00 price target (up previously from $50.00) on shares of Micron Technology in a research report on Monday, November 11th. Needham & Company LLC increased their price objective on shares of Micron Technology to $60.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Susquehanna Bancshares set a $45.00 target price on shares of Micron Technology and gave the company a “hold” rating in a report on Friday, September 27th. Morgan Stanley restated a “hold” rating and set a $48.00 target price on shares of Micron Technology in a report on Monday, September 23rd. Finally, Deutsche Bank set a $55.00 target price on shares of Micron Technology and gave the stock a “buy” rating in a research report on Monday, September 23rd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-two have assigned a buy rating to the company. Micron Technology currently has an average rating of “Buy” and an average target price of $53.46.

The stock has a market capitalization of $51.55 billion, a PE ratio of 7.57 and a beta of 1.97. The company has a current ratio of 2.58, a quick ratio of 1.78 and a debt-to-equity ratio of 0.12. The business’s 50-day moving average is $46.86 and its two-hundred day moving average is $43.01.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, September 26th. The semiconductor manufacturer reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.13. Micron Technology had a return on equity of 19.81% and a net margin of 26.97%. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.56 billion. During the same quarter in the previous year, the firm posted $3.53 earnings per share. The firm’s quarterly revenue was down 42.3% on a year-over-year basis. On average, analysts predict that Micron Technology, Inc. will post 2.16 EPS for the current year.

In other news, SVP April S. Arnzen sold 2,477 shares of Micron Technology stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $48.47, for a total transaction of $120,060.19. Following the sale, the senior vice president now directly owns 72,431 shares of the company’s stock, valued at $3,510,730.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $50.00, for a total value of $1,000,000.00. Following the sale, the executive vice president now directly owns 110,236 shares in the company, valued at $5,511,800. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,527 shares of company stock worth $2,536,490. Company insiders own 0.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtus ETF Advisers LLC acquired a new stake in Micron Technology in the second quarter valued at $25,000. Doyle Wealth Management bought a new stake in Micron Technology in the second quarter valued at about $30,000. Whittier Trust Co. raised its stake in Micron Technology by 115.2% during the third quarter. Whittier Trust Co. now owns 794 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 425 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in Micron Technology during the second quarter valued at approximately $37,000. Finally, Griffin Asset Management Inc. bought a new position in Micron Technology during the 2nd quarter worth approximately $39,000. 77.51% of the stock is owned by hedge funds and other institutional investors.

About Micron Technology (NASDAQ:MU)

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.

Featured Article: Percentage Gainers

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.