Micron Technology, Inc. (MU) Downgraded by Vetr Inc. to “Hold”

Micron Technology, Inc. (NASDAQ:MU) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a research note issued on Tuesday. They presently have a $42.77 price target on the semiconductor manufacturer’s stock. Vetr‘s target price points to a potential upside of 2.69% from the company’s previous close.

Several other equities analysts also recently commented on the company. KeyCorp restated a “hold” rating on shares of Micron Technology in a research report on Friday. Macquarie restated an “outperform” rating and issued a $50.00 price objective (up from $42.00) on shares of Micron Technology in a research report on Monday, October 23rd. Citigroup Inc. restated a “buy” rating on shares of Micron Technology in a research report on Monday, October 23rd. UBS AG restated a “buy” rating and issued a $53.00 price objective (up from $39.50) on shares of Micron Technology in a research report on Thursday, October 19th. They noted that the move was a valuation call. Finally, Evercore ISI restated an “outperform” rating and issued a $50.00 price objective on shares of Micron Technology in a research report on Friday, October 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. Micron Technology currently has a consensus rating of “Buy” and an average price target of $46.35.

Shares of Micron Technology (NASDAQ:MU) opened at 41.65 on Tuesday. Micron Technology has a 12-month low of $16.45 and a 12-month high of $42.19. The stock has a market cap of $46.19 billion, a PE ratio of 9.44 and a beta of 1.82. The firm has a 50 day moving average price of $38.68 and a 200 day moving average price of $32.20.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results 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 return on equity of 32.09% and a net margin of 25.04%. The business had revenue of $6.14 billion during the quarter, compared to analyst estimates of $5.97 billion. During the same quarter in the previous year, the company posted ($0.01) earnings per share. Micron Technology’s revenue for the quarter was up 90.8% on a year-over-year basis. On average, equities analysts expect that Micron Technology will post $7.63 EPS for the current year.

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In other Micron Technology news, CFO Ernest E. Maddock acquired 3,400 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was purchased at an average price of $27.89 per share, for a total transaction of $94,826.00. Following the acquisition, the chief financial officer now owns 192,385 shares in the company, valued at approximately $5,365,617.65. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence N. Mondry sold 25,000 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $30.62, for a total value of $765,500.00. Following the sale, the director now owns 177,367 shares of the company’s stock, valued at approximately $5,430,977.54. The disclosure for this sale can be found here. Insiders have sold a total of 330,415 shares of company stock worth $12,468,675 in the last ninety days. Insiders own 0.69% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Wetherby Asset Management Inc. lifted its holdings in shares of Micron Technology by 1.0% during the 2nd quarter. Wetherby Asset Management Inc. now owns 15,330 shares of the semiconductor manufacturer’s stock valued at $457,000 after purchasing an additional 154 shares during the last quarter. Honkamp Krueger Financial Services Inc. lifted its holdings in shares of Micron Technology by 0.4% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 52,116 shares of the semiconductor manufacturer’s stock valued at $1,556,000 after purchasing an additional 221 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Micron Technology by 0.5% during the 2nd 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 purchasing an additional 367 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Micron Technology by 4.7% during the 2nd quarter. Parallel Advisors LLC now owns 8,266 shares of the semiconductor manufacturer’s stock valued at $232,000 after purchasing an additional 369 shares during the last quarter. Finally, Advisor Partners LLC lifted its holdings in shares of Micron Technology by 1.5% during the 2nd quarter. Advisor Partners LLC now owns 24,638 shares of the semiconductor manufacturer’s stock valued at $736,000 after purchasing an additional 372 shares during the last quarter. Hedge funds and other institutional investors own 77.14% of the company’s stock.

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