Micron Technology, Inc. (MU) Sets New 1-Year High After Analyst Upgrade

Shares of Micron Technology, Inc. (NASDAQ:MU) reached a new 52-week high during mid-day trading on Monday after J P Morgan Chase & Co raised their price target on the stock from $50.00 to $55.00. J P Morgan Chase & Co currently has an overweight rating on the stock. Micron Technology traded as high as $45.61 and last traded at $45.60, with a volume of 19533621 shares. The stock had previously closed at $44.78.

Other equities analysts have also recently issued reports about the stock. Mizuho reiterated a “buy” rating and set a $40.00 target price (up from $38.00) on shares of Micron Technology in a research note on Wednesday, September 27th. Longbow Research reiterated a “buy” rating and set a $50.00 target price (up from $42.00) on shares of Micron Technology in a research note on Wednesday, September 27th. Cowen and Company reiterated an “outperform” rating and set a $43.00 target price (up from $40.00) on shares of Micron Technology in a research note on Wednesday, September 27th. Deutsche Bank AG reiterated a “buy” rating and set a $43.00 target price (up from $42.00) on shares of Micron Technology in a research note on Wednesday, September 27th. Finally, BMO Capital Markets started coverage on shares of Micron Technology in a research note on Monday, October 2nd. They set a “market perform” rating and a $43.00 target price for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology currently has a consensus rating of “Buy” and a consensus price target of $46.96.

In other news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $32.64, for a total value of $97,920.00. Following the sale, the director now directly owns 117,284 shares in the company, valued at $3,828,149.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence N. Mondry sold 25,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $30.62, for a total transaction of $765,500.00. Following the completion of the sale, the director now owns 177,367 shares in the company, valued at $5,430,977.54. The disclosure for this sale can be found here. Insiders have sold a total of 333,415 shares of company stock worth $12,602,325 over the last 90 days. Corporate insiders own 0.69% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MU. Wetherby Asset Management Inc. grew its stake in shares of Micron Technology by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 15,330 shares of the semiconductor manufacturer’s stock valued at $457,000 after buying an additional 154 shares in the last quarter. Honkamp Krueger Financial Services Inc. grew its stake in shares of Micron Technology by 0.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 52,116 shares of the semiconductor manufacturer’s stock valued at $1,556,000 after buying an additional 221 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Micron Technology by 0.5% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 77,260 shares of the semiconductor manufacturer’s stock valued at $2,307,000 after buying an additional 367 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Micron Technology by 4.7% in the second quarter. Parallel Advisors LLC now owns 8,266 shares of the semiconductor manufacturer’s stock valued at $232,000 after buying an additional 369 shares in the last quarter. Finally, Advisor Partners LLC grew its stake in shares of Micron Technology by 1.5% in the second quarter. Advisor Partners LLC now owns 24,638 shares of the semiconductor manufacturer’s stock valued at $736,000 after buying an additional 372 shares in the last quarter. Institutional investors own 75.45% of the company’s stock.

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.75 and a current ratio of 2.34. The company has a market cap of $52,600.00, a P/E ratio of 10.09, a price-to-earnings-growth ratio of 0.60 and a beta of 1.78.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, topping the Zacks’ consensus estimate of $1.84 by $0.18. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The firm had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.97 billion. During the same period in the previous year, the business posted ($0.01) earnings per share. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. equities research analysts anticipate that Micron Technology, Inc. will post 7.42 EPS for the current fiscal year.

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