Micron Technology, Inc. (NASDAQ:MU) Receives $36.47 Consensus PT from Brokerages

Shares of Micron Technology, Inc. (NASDAQ:MU) have been given a consensus recommendation of “Buy” by the thirty-six brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $36.22.

MU has been the subject of a number of analyst reports. UBS AG reaffirmed an “average” rating and issued a $36.00 target price (up previously from $32.00) on shares of Micron Technology in a research report on Friday, June 30th. Mizuho reaffirmed a “buy” rating and issued a $35.00 target price on shares of Micron Technology in a research report on Tuesday, April 25th. Needham & Company LLC reissued a “buy” rating on shares of Micron Technology in a research report on Thursday, June 8th. Stifel Nicolaus reissued a “buy” rating and issued a $47.00 price objective on shares of Micron Technology in a research report on Tuesday, June 6th. Finally, ValuEngine downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 31st.

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Shares of Micron Technology (MU) traded up 1.89% during trading on Monday, hitting $28.01. The stock had a trading volume of 23,296,193 shares. The firm has a market cap of $31.09 billion, a P/E ratio of 12.30 and a beta of 1.76. The firm’s 50-day moving average is $30.35 and its 200-day moving average is $27.93. Micron Technology has a one year low of $14.43 and a one year high of $32.96.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.25. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same period last year, the business posted ($0.08) earnings per share. The firm’s quarterly revenue was up 92.2% on a year-over-year basis. Equities research analysts forecast that Micron Technology will post $4.71 EPS for the current year.

In related news, VP Scott J. Deboer sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the vice president now directly owns 150,232 shares of the company’s stock, valued at $4,807,424. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP April S. Arnzen sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $28.22, for a total transaction of $28,220.00. Following the completion of the sale, the senior vice president now directly owns 50,542 shares in the company, valued at $1,426,295.24. The disclosure for this sale can be found here. Insiders have sold 46,250 shares of company stock valued at $1,442,015 in the last quarter. Company insiders own 0.69% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Guardian Life Insurance Co. of America increased its stake in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after buying an additional 13 shares in the last quarter. Washington Trust Bank increased its position in Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock valued at $126,000 after buying an additional 63 shares during the period. Winslow Evans & Crocker Inc. increased its position in Micron Technology by 0.5% in the first quarter. Winslow Evans & Crocker Inc. now owns 21,400 shares of the semiconductor manufacturer’s stock valued at $618,000 after buying an additional 100 shares during the period. Wetherby Asset Management Inc. increased its position in 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 during the period. Finally, Neuberger Berman Group LLC increased its position in Micron Technology by 1.4% in the first quarter. Neuberger Berman Group LLC now owns 12,407 shares of the semiconductor manufacturer’s stock valued at $359,000 after buying an additional 170 shares during the period. 80.44% of the stock is currently owned by institutional investors and hedge funds.

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