Micron Technology Inc. (MU) Given “Underperform” Rating at Needham & Company LLC
Needham & Company LLC restated their underperform rating on shares of Micron Technology Inc. (NASDAQ:MU) in a research report released on Wednesday. They currently have a $20.44 price objective on the semiconductor manufacturer’s stock.
““We maintain our Underperform given: 1) unfavorable risk/reward with peak multiples; 2) major levels of gross/net debt ($10B and $5B — you have to go back before 2007 to even approach this debt level); and 3) currently, not cost competitive in 3D NAND.”,” Needham & Company LLC’s analyst commented.
A number of other equities analysts have also recently issued reports on MU. Barclays PLC increased their target price on Micron Technology from $19.00 to $23.00 and gave the stock an overweight rating in a report on Monday, October 3rd. Vetr cut Micron Technology from a strong-buy rating to a buy rating and set a $17.99 target price for the company. in a report on Thursday, August 25th. Zacks Investment Research upgraded Micron Technology from a hold rating to a buy rating and set a $19.00 target price for the company in a report on Tuesday, September 6th. Sanford C. Bernstein reiterated a neutral rating and set a $18.00 target price on shares of Micron Technology in a report on Monday, September 26th. Finally, Nomura reiterated a buy rating and set a $16.00 target price on shares of Micron Technology in a report on Thursday, August 4th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $18.77.
Micron Technology (NASDAQ:MU) opened at 19.53 on Wednesday. Micron Technology has a 1-year low of $9.31 and a 1-year high of $20.44. The stock has a 50 day moving average price of $17.72 and a 200-day moving average price of $15.19. The company’s market capitalization is $20.34 billion.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.12. Micron Technology had a negative net margin of 2.23% and a positive return on equity of 0.50%. The business earned $3.22 billion during the quarter. During the same quarter in the prior year, the company earned $0.37 EPS. Micron Technology’s quarterly revenue was down 10.6% on a year-over-year basis. Equities analysts predict that Micron Technology will post $1.17 earnings per share for the current year.
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In related news, VP Brian Shirley sold 90,014 shares of the stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $17.84, for a total transaction of $1,605,849.76. Following the transaction, the vice president now owns 397,264 shares of the company’s stock, valued at approximately $7,087,189.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Steven L. Thorsen, Jr. sold 63,000 shares of the stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $17.58, for a total transaction of $1,107,540.00. Following the transaction, the vice president now directly owns 358,690 shares in the company, valued at approximately $6,305,770.20. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. raised its position in Micron Technology by 7.6% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 6,116 shares of the semiconductor manufacturer’s stock valued at $109,000 after buying an additional 433 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised 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 valued at $111,000 after buying an additional 3,595 shares in the last quarter. BKS Advisors LLC acquired a new position in Micron Technology during the third quarter valued at approximately $125,000. Evercore Wealth Management LLC raised its position in Micron Technology by 0.7% in the second quarter. Evercore Wealth Management LLC now owns 10,016 shares of the semiconductor manufacturer’s stock valued at $138,000 after buying an additional 67 shares in the last quarter. Finally, Penserra Capital Management LLC raised its position in Micron Technology by 99.8% in the third quarter. Penserra Capital Management LLC now owns 8,002 shares of the semiconductor manufacturer’s stock valued at $142,000 after buying an additional 3,996 shares in the last quarter. 84.26% of the stock is currently owned by institutional investors.
Micron Technology Company Profile
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