Micron Technology (NASDAQ:MU) Rating Increased to Buy at Cleveland Research

Micron Technology (NASDAQ:MU) was upgraded by research analysts at Cleveland Research from a “neutral” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports.

MU has been the subject of a number of other research reports. Zacks Investment Research cut shares of Micron Technology from a “hold” rating to a “sell” rating and set a $54.00 price target for the company. in a research note on Monday, December 16th. Mizuho raised their target price on shares of Micron Technology from $53.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Robert W. Baird raised their target price on shares of Micron Technology from $30.00 to $45.00 and gave the stock an “underperform” rating in a research note on Thursday, December 19th. Deutsche Bank restated a “buy” rating and set a $65.00 target price (up previously from $55.00) on shares of Micron Technology in a research note on Thursday, December 19th. They noted that the move was a valuation call. Finally, Rosenblatt Securities raised their target price on shares of Micron Technology from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $61.38.

Shares of MU stock traded up $1.35 during trading hours on Tuesday, hitting $57.52. 9,340,385 shares of the company were exchanged, compared to its average volume of 22,600,964. The company has a market capitalization of $63.56 billion, a PE ratio of 9.35 and a beta of 1.98. Micron Technology has a 52 week low of $32.14 and a 52 week high of $58.48. The business has a 50 day moving average of $52.50 and a two-hundred day moving average of $47.11. The company has a current ratio of 2.56, a quick ratio of 1.78 and a debt-to-equity ratio of 0.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. The firm had revenue of $5.14 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The company’s revenue for the quarter was down 35.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.97 earnings per share. On average, research analysts forecast that Micron Technology will post 2.09 EPS for the current year.

In related news, SVP April S. Arnzen sold 4,252 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $47.22, for a total transaction of $200,779.44. Following the transaction, the senior vice president now owns 101,439 shares in the company, valued at approximately $4,789,949.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $55.00, for a total transaction of $1,100,000.00. Following the transaction, the executive vice president now owns 148,368 shares in the company, valued at approximately $8,160,240. The disclosure for this sale can be found here. Insiders sold a total of 48,786 shares of company stock worth $2,649,197 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Meritage Portfolio Management bought a new position in Micron Technology during the third quarter valued at approximately $15,961,000. Perigon Wealth Management LLC bought a new position in shares of Micron Technology in the fourth quarter worth approximately $397,000. Lido Advisors LLC grew its holdings in shares of Micron Technology by 1.2% in the second quarter. Lido Advisors LLC now owns 25,822 shares of the semiconductor manufacturer’s stock worth $996,000 after purchasing an additional 317 shares during the last quarter. Wealthsource Partners LLC bought a new position in shares of Micron Technology in the third quarter worth approximately $221,000. Finally, River & Mercantile Asset Management LLP grew its holdings in shares of Micron Technology by 3.4% in the second quarter. River & Mercantile Asset Management LLP now owns 231,414 shares of the semiconductor manufacturer’s stock worth $8,931,000 after purchasing an additional 7,600 shares during the last quarter. 77.28% of the stock is currently owned by institutional investors and hedge funds.

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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