Micron Technology (NASDAQ:MU) Price Target Raised to $60.00

Micron Technology (NASDAQ:MU) had its price target increased by Bank of America from $45.00 to $60.00 in a research report sent to investors on Thursday, The Fly reports. They currently have an average rating on the semiconductor manufacturer’s stock.

MU has been the topic of a number of other reports. Morgan Stanley set a $12.00 price target on shares of Adient and gave the company a sell rating in a research note on Wednesday, June 26th. UBS Group set a €45.00 ($52.33) price target on shares of Fuchs Petrolub and gave the company a buy rating in a research note on Thursday, March 21st. Cowen started coverage on shares of Kontoor Brands in a research note on Monday, April 8th. They issued a neutral rating and a $7.50 price target on the stock. Citigroup downgraded shares of Biogen from a buy rating to a neutral rating and reduced their price target for the company from $470.00 to $230.00 in a research note on Thursday, March 21st. Finally, BidaskClub downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, July 11th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seventeen have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $46.77.

Micron Technology stock opened at $45.52 on Thursday. The company has a 50 day moving average of $37.19. The stock has a market cap of $50.25 billion, a P/E ratio of 3.85 and a beta of 1.97. Micron Technology has a 1 year low of $28.39 and a 1 year high of $56.14. The company has a quick ratio of 1.88, a current ratio of 2.79 and a debt-to-equity ratio of 0.10.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.70 billion. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The business’s revenue was down 38.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.15 EPS. As a group, equities research analysts forecast that Micron Technology will post 6.06 earnings per share for the current year.

In other Micron Technology news, SVP April S. Arnzen sold 4,800 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $45.00, for a total transaction of $216,000.00. Following the completion of the transaction, the senior vice president now owns 79,392 shares in the company, valued at approximately $3,572,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the transaction, the executive vice president now owns 130,236 shares of the company’s stock, valued at approximately $5,860,620. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Berman Capital Advisors LLC boosted its holdings in shares of Micron Technology by 56.7% in the 1st 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. Gemmer Asset Management LLC boosted its holdings in shares of Micron Technology by 49.9% in the 1st 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. Valeo Financial Advisors LLC boosted its holdings in shares of Micron Technology by 73.3% in the 1st 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. Executive Wealth Management LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at $26,000. Finally, Citizens Financial Group Inc RI acquired a new position in shares of Micron Technology in the 1st quarter valued at $37,000. Institutional investors own 77.24% of the company’s stock.

Micron Technology Company Profile

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.

Further Reading: How does the Beige Book influence monetary policy?

The Fly

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.