Nomura Increases Micron Technology Inc. (MU) Price Target to $23.00
Micron Technology Inc. (NASDAQ:MU) had its price target upped by Nomura from $20.00 to $23.00 in a note issued to investors on Wednesday. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Nomura’s price target suggests a potential upside of 35.93% from the stock’s previous close.
Several other equities research analysts also recently issued reports on MU. Deutsche Bank AG reiterated a “buy” rating and issued a $16.00 price objective on shares of Micron Technology in a report on Wednesday, June 1st. Pacific Crest reiterated a “hold” rating on shares of Micron Technology in a report on Sunday, June 26th. Vetr downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $13.20 price objective on the stock. in a report on Tuesday, May 31st. Morgan Stanley reissued a “buy” rating and set a $18.00 target price on shares of Micron Technology in a research note on Saturday, June 4th. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and set a $13.00 target price (up from $10.00) on shares of Micron Technology in a research note on Monday, June 6th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $17.72.
Shares of Micron Technology (NASDAQ:MU) traded up 3.3783% on Wednesday, hitting $17.4916. The stock had a trading volume of 6,599,813 shares. The firm has a market cap of $18.16 billion, a PE ratio of 50.2632 and a beta of 1.81. The firm’s 50-day moving average price is $15.96 and its 200 day moving average price is $12.75. Micron Technology has a 52-week low of $9.31 and a 52-week high of $19.30.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. The firm had revenue of $2.90 billion for the quarter. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. Micron Technology’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. On average, equities research analysts predict that Micron Technology will post ($0.02) EPS for the current year.
In related news, VP Brian Shirley sold 48,750 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $12.37, for a total value of $603,037.50. Following the transaction, the vice president now directly owns 381,264 shares of the company’s stock, valued at approximately $4,716,235.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Scott J. Deboer sold 31,500 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $17.05, for a total value of $537,075.00. Following the completion of the transaction, the vice president now directly owns 207,265 shares in the company, valued at $3,533,868.25. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Micron Technology by 14.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 249,427 shares of the semiconductor manufacturer’s stock valued at $2,612,000 after buying an additional 30,971 shares during the period. Exxonmobil Investment Management Inc. TX raised its position in shares of Micron Technology by 3.8% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 252,595 shares of the semiconductor manufacturer’s stock valued at $2,645,000 after buying an additional 9,232 shares during the period. Acadian Asset Management LLC raised its position in shares of Micron Technology by 39.3% in the first quarter. Acadian Asset Management LLC now owns 594,374 shares of the semiconductor manufacturer’s stock valued at $6,222,000 after buying an additional 167,605 shares during the period. PGGM Investments raised its position in shares of Micron Technology by 2.5% in the first quarter. PGGM Investments now owns 707,930 shares of the semiconductor manufacturer’s stock valued at $7,412,000 after buying an additional 17,192 shares during the period. Finally, Sanders Morris Harris Inc. purchased a new position in shares of Micron Technology during the first quarter valued at $1,862,000. 81.42% of the stock is currently owned by institutional investors and hedge funds.
About Micron Technology
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