Bank of America Trims Micron Technology (NASDAQ:MU) Target Price to $43.00

Micron Technology (NASDAQ:MU) had its price target reduced by equities researchers at Bank of America from $50.00 to $43.00 in a note issued to investors on Friday, Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s target price points to a potential upside of 32.88% from the company’s previous close.

MU has been the topic of several other research reports. BidaskClub lowered Micron Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Summit Insights raised Micron Technology from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Royal Bank of Canada started coverage on Micron Technology in a report on Thursday, March 28th. They issued an “outperform” rating and a $50.00 target price on the stock. Citigroup lowered Micron Technology from a “neutral” rating to a “sell” rating and lowered their target price for the company from $35.00 to $30.00 in a report on Thursday, March 21st. Finally, Cross Research downgraded Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty have issued a buy rating to the company. Micron Technology currently has a consensus rating of “Hold” and a consensus target price of $50.89.

MU stock traded down $1.02 on Friday, reaching $32.36. 4,498,821 shares of the company’s stock were exchanged, compared to its average volume of 24,049,874. Micron Technology has a twelve month low of $28.39 and a twelve month high of $61.83. The firm has a market capitalization of $36.48 billion, a PE ratio of 2.74 and a beta of 1.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.25 and a quick ratio of 1.65.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.67 by $0.04. The company had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.82 billion. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. Micron Technology’s revenue was down 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.82 earnings per share. Equities research analysts expect that Micron Technology will post 6.09 earnings per share for the current fiscal year.

In other news, SVP Joel L. Poppen sold 20,210 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $41.45, for a total value of $837,704.50. Following the transaction, the senior vice president now directly owns 269,368 shares in the company, valued at approximately $11,165,303.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott J. Deboer sold 14,486 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $42.88, for a total value of $621,159.68. Following the completion of the transaction, the executive vice president now owns 150,236 shares in the company, valued at $6,442,119.68. The disclosure for this sale can be found here. Insiders have sold 55,878 shares of company stock worth $2,293,223 over the last quarter. 0.20% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Gemmer Asset Management LLC grew its stake in shares of Micron Technology by 49.9% in the first quarter. Gemmer Asset Management LLC now owns 706 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 235 shares in the last quarter. Berman Capital Advisors LLC grew its stake in shares of Micron Technology by 56.7% in the first quarter. Berman Capital Advisors LLC now owns 705 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 255 shares in the last quarter. Kings Point Capital Management grew its stake in shares of Micron Technology by 21.8% in the fourth quarter. Kings Point Capital Management now owns 1,575 shares of the semiconductor manufacturer’s stock valued at $50,000 after buying an additional 282 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Micron Technology by 73.3% in the first quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 300 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of Micron Technology by 33.2% in the first quarter. AdvisorNet Financial Inc now owns 1,204 shares of the semiconductor manufacturer’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. Institutional investors own 77.05% of the company’s stock.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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