Micron Technology (MU) Price Target Cut to $75.00
Micron Technology (NASDAQ:MU) had its price target cut by Robert W. Baird from $100.00 to $75.00 in a report published on Friday. They currently have an outperform rating on the semiconductor manufacturer’s stock.
Other equities analysts have also recently issued research reports about the company. BidaskClub cut Micron Technology from a hold rating to a sell rating in a report on Friday, August 17th. JPMorgan Chase & Co. upped their target price on Micron Technology from $82.00 to $84.00 and gave the stock a buy rating in a report on Thursday, June 21st. Rosenblatt Securities upped their target price on Micron Technology to $120.00 in a report on Thursday, June 21st. Cowen upped their target price on Micron Technology from $67.00 to $72.00 and gave the stock an outperform rating in a report on Thursday, June 21st. Finally, UBS Group raised Micron Technology from a sell rating to a neutral rating and set a $35.00 target price for the company in a report on Tuesday, June 26th. Nine research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $71.30.
Shares of Micron Technology stock traded up $0.21 during trading on Friday, reaching $44.86. 46,722,814 shares of the company’s stock were exchanged, compared to its average volume of 33,773,872. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63. Micron Technology has a 1-year low of $32.31 and a 1-year high of $64.66. The stock has a market capitalization of $51.79 billion, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 0.50 and a beta of 1.63.
Micron Technology announced that its board has approved a share repurchase plan on Monday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 16.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
In related news, Director Robert E. Switz sold 25,000 shares of the company’s stock in a transaction dated Friday, July 13th. The stock was sold at an average price of $56.00, for a total transaction of $1,400,000.00. Following the sale, the director now owns 120,257 shares in the company, valued at approximately $6,734,392. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the company’s stock in a transaction dated Friday, July 20th. The shares were sold at an average price of $55.09, for a total value of $2,203,600.00. Following the sale, the senior vice president now owns 126,990 shares in the company, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. Insiders sold a total of 140,000 shares of company stock worth $7,604,100 in the last quarter. Corporate insiders own 0.53% of the company’s stock.
Several institutional investors have recently made changes to their positions in MU. Senator Investment Group LP bought a new stake in shares of Micron Technology during the 2nd quarter valued at about $140,277,000. Amundi Pioneer Asset Management Inc. boosted its position in shares of Micron Technology by 47.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock valued at $316,921,000 after purchasing an additional 1,958,119 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Micron Technology by 632.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock valued at $106,328,000 after purchasing an additional 1,750,604 shares in the last quarter. Natixis boosted its position in shares of Micron Technology by 345.7% during the 2nd quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock valued at $106,388,000 after purchasing an additional 1,573,549 shares in the last quarter. Finally, Parnassus Investments CA boosted its position in shares of Micron Technology by 40.0% during the 2nd quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock valued at $256,956,000 after purchasing an additional 1,400,000 shares in the last quarter. Institutional investors own 74.02% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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