BidaskClub Lowers Micron Technology (MU) to Hold

BidaskClub lowered shares of Micron Technology (NASDAQ:MU) from a buy rating to a hold rating in a research note published on Thursday.

A number of other analysts also recently weighed in on MU. Mizuho reissued a buy rating and set a $40.00 price target (up previously from $38.00) on shares of Micron Technology in a research report on Wednesday, September 27th. Cowen reissued an outperform rating and set a $43.00 price target (up previously from $40.00) on shares of Micron Technology in a research report on Wednesday, September 27th. Longbow Research reissued a buy rating and set a $50.00 price target (up previously from $42.00) on shares of Micron Technology in a research report on Wednesday, September 27th. Deutsche Bank reissued a buy rating and set a $43.00 price target (up previously from $42.00) on shares of Micron Technology in a research report on Wednesday, September 27th. Finally, BMO Capital Markets began coverage on shares of Micron Technology in a research report on Monday, October 2nd. They set a market perform rating and a $43.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology has a consensus rating of Buy and a consensus target price of $48.26.

Shares of Micron Technology (NASDAQ MU) traded up $0.16 during trading hours on Thursday, reaching $42.40. 56,479,956 shares of the company’s stock traded hands, compared to its average volume of 39,702,756. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.34 and a quick ratio of 1.75. Micron Technology has a one year low of $20.19 and a one year high of $49.89. The firm has a market capitalization of $49,068.63, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.97 billion. During the same quarter last year, the company earned ($0.01) earnings per share. Micron Technology’s revenue for the quarter was up 90.8% on a year-over-year basis. equities research analysts anticipate that Micron Technology will post 7.42 EPS for the current year.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $41.38, for a total value of $124,140.00. Following the sale, the director now directly owns 116,699 shares in the company, valued at $4,829,004.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott J. Deboer sold 30,000 shares of the firm’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $42.00, for a total value of $1,260,000.00. Following the completion of the sale, the executive vice president now owns 122,667 shares in the company, valued at $5,152,014. The disclosure for this sale can be found here. Insiders sold 268,588 shares of company stock worth $10,480,038 over the last quarter. 0.53% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MU. Capital Research Global Investors raised its stake in shares of Micron Technology by 386.6% during the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock valued at $1,188,259,000 after purchasing an additional 31,616,346 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Micron Technology by 292.8% during the second quarter. Janus Henderson Group PLC now owns 11,850,988 shares of the semiconductor manufacturer’s stock valued at $353,885,000 after purchasing an additional 8,834,274 shares in the last quarter. BT Investment Management Ltd acquired a new position in Micron Technology during the second quarter worth about $95,449,000. Greenlight Capital Inc. grew its holdings in Micron Technology by 89.5% during the third quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock worth $197,511,000 after acquiring an additional 2,371,900 shares during the period. Finally, Marshall Wace North America L.P. grew its holdings in Micron Technology by 7,981.1% during the second quarter. Marshall Wace North America L.P. now owns 1,781,567 shares of the semiconductor manufacturer’s stock worth $53,447,000 after acquiring an additional 1,759,521 shares during the period. Institutional investors and hedge funds own 81.16% of the company’s stock.

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