Micron Technology, Inc. (MU) Receives Buy Rating from Cowen and Company

Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating reiterated by equities researchers at Cowen and Company in a report issued on Wednesday. They presently have a $50.00 price target on the semiconductor manufacturer’s stock. Cowen and Company’s price target suggests a potential upside of 12.84% from the stock’s previous close.

A number of other research firms also recently weighed in on MU. Macquarie reaffirmed a “buy” rating on shares of Micron Technology in a research report on Tuesday, July 4th. BidaskClub downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Citigroup Inc. reaffirmed a “buy” rating and issued a $45.00 target price on shares of Micron Technology in a research report on Wednesday, July 12th. BMO Capital Markets reaffirmed a “hold” rating on shares of Micron Technology in a research report on Thursday, July 27th. Finally, Mizuho reaffirmed an “outperform” rating and issued a $38.00 target price on shares of Micron Technology in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $46.57.

Micron Technology (NASDAQ:MU) opened at 44.31 on Wednesday. The stock has a market capitalization of $49.14 billion, a PE ratio of 10.05 and a beta of 1.82. Micron Technology has a 52-week low of $16.45 and a 52-week high of $44.57. The firm’s 50-day moving average is $38.98 and its 200 day moving average is $32.28.

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, topping 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 in the prior year, the firm earned ($0.01) earnings per share. The firm’s revenue was up 90.8% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology will post $7.63 earnings per share for the current year.

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In other Micron Technology news, EVP Scott J. Deboer sold 30,000 shares of Micron Technology stock in a transaction dated 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 approximately $5,152,014. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of Micron Technology stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the completion of the sale, the senior vice president now owns 289,940 shares of the company’s stock, valued at approximately $11,046,714. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 330,415 shares of company stock valued at $12,468,675. 0.69% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Wetherby Asset Management Inc. raised its stake in Micron Technology by 1.0% in the 2nd quarter. Wetherby Asset Management Inc. now owns 15,330 shares of the semiconductor manufacturer’s stock worth $457,000 after purchasing an additional 154 shares in the last quarter. Honkamp Krueger Financial Services Inc. raised its stake in Micron Technology by 0.4% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 52,116 shares of the semiconductor manufacturer’s stock worth $1,556,000 after purchasing an additional 221 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Micron Technology by 0.5% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 77,260 shares of the semiconductor manufacturer’s stock worth $2,307,000 after purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC raised its stake in Micron Technology by 4.7% in the 2nd quarter. Parallel Advisors LLC now owns 8,266 shares of the semiconductor manufacturer’s stock worth $232,000 after purchasing an additional 369 shares in the last quarter. Finally, Advisor Partners LLC raised its stake in Micron Technology by 1.5% in the 2nd quarter. Advisor Partners LLC now owns 24,638 shares of the semiconductor manufacturer’s stock worth $736,000 after purchasing an additional 372 shares in the last quarter. Institutional investors and hedge funds own 77.14% of the company’s stock.

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