Micron Technology Inc. (NASDAQ:MU) Receives $17.42 Consensus Target Price from Brokerages
Shares of Micron Technology Inc. (NASDAQ:MU) have earned an average rating of “Buy” from the forty analysts that are currently covering the stock. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $17.53.
MU has been the topic of a number of research analyst reports. Cleveland Research raised Micron Technology from a “neutral” rating to a “buy” rating in a research note on Friday, September 16th. Nomura lifted their price objective on Micron Technology from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 25th. Pacific Crest reiterated an “equal weight” rating on shares of Micron Technology in a research report on Monday, September 12th. Deutsche Bank AG reiterated a “buy” rating and set a $20.00 price objective on shares of Micron Technology in a research report on Friday, September 16th. Finally, Vetr downgraded Micron Technology from a “strong-buy” rating to a “buy” rating and set a $18.10 price objective on the stock. in a research report on Wednesday, August 31st.
Shares of Micron Technology (NASDAQ:MU) opened at 17.59 on Tuesday. Micron Technology has a 1-year low of $9.31 and a 1-year high of $19.30. The company has a market capitalization of $18.27 billion, a P/E ratio of 50.55 and a beta of 1.81. The firm’s 50 day moving average price is $16.20 and its 200-day moving average price is $12.81.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The company had revenue of $2.90 billion for the quarter. During the same period in the previous year, the business posted $0.54 earnings per share. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. Analysts expect that Micron Technology will post ($0.01) EPS for the current year.
In other news, VP Brian Shirley sold 48,750 shares of Micron Technology stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $12.37, for a total transaction of $603,037.50. Following the sale, the vice president now directly owns 381,264 shares of the company’s stock, valued at $4,716,235.68. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Scott J. Deboer sold 31,500 shares of Micron Technology stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $17.05, for a total value of $537,075.00. Following the sale, 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. 0.85% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Evercore Wealth Management LLC increased its position in Micron Technology by 2.9% in the second quarter. Evercore Wealth Management LLC now owns 10,236 shares of the semiconductor manufacturer’s stock worth $141,000 after buying an additional 287 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Micron Technology during the second quarter worth approximately $576,000. Kentucky Retirement Systems purchased a new position in Micron Technology during the second quarter worth approximately $1,213,000. Mason Street Advisors LLC purchased a new position in Micron Technology during the second quarter worth approximately $1,922,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Micron Technology by 79.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,114 shares of the semiconductor manufacturer’s stock worth $111,000 after buying an additional 3,595 shares during the period. 81.42% of the stock is currently owned by institutional investors and hedge funds.
About Micron Technology
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