Micron Technology (MU) PT Set at $50.00 by Cowen

Micron Technology (NASDAQ:MU) received a $50.00 price target from analysts at Cowen in a note issued to investors on Tuesday. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Cowen’s target price suggests a potential upside of 20.25% from the stock’s current price.

A number of other research firms have also weighed in on MU. Mizuho reissued a “buy” rating and issued a $40.00 target price (up from $38.00) on shares of Micron Technology in a report on Wednesday, September 27th. Longbow Research reissued a “buy” rating and issued a $50.00 target price (up from $42.00) on shares of Micron Technology in a report on Wednesday, September 27th. Deutsche Bank reissued a “buy” rating and issued a $43.00 target price (up from $42.00) on shares of Micron Technology in a report on Wednesday, September 27th. BMO Capital Markets initiated coverage on shares of Micron Technology in a report on Monday, October 2nd. They issued a “market perform” rating and a $43.00 target price for the company. Finally, Needham & Company LLC reissued a “buy” rating on shares of Micron Technology in a report on Wednesday, September 27th. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $48.20.

Shares of Micron Technology (MU) opened at $41.58 on Tuesday. The stock has a market cap of $47,525.64, a P/E ratio of 9.28, a PEG ratio of 0.56 and a beta of 1.75. The company has a current ratio of 2.34, a quick ratio of 1.75 and a debt-to-equity ratio of 0.51. Micron Technology has a 1 year low of $19.30 and a 1 year high of $49.89.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.18. The firm had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. sell-side analysts expect that Micron Technology will post 7.42 EPS for the current year.

In other news, EVP Scott J. Deboer sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $34.00, for a total transaction of $340,000.00. Following the completion of the sale, the executive vice president now directly owns 140,232 shares of the company’s stock, valued at $4,767,888. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the sale, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at $11,046,714. The disclosure for this sale can be found here. Insiders have sold 308,088 shares of company stock valued at $11,852,538 over the last ninety days. 0.69% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its holdings in Micron Technology by 386.6% in the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock worth $1,188,259,000 after purchasing an additional 31,616,346 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Micron Technology by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 14,080,297 shares of the semiconductor manufacturer’s stock worth $420,639,000 after purchasing an additional 74,670 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Micron Technology by 2.3% in the third quarter. Janus Henderson Group PLC now owns 12,125,074 shares of the semiconductor manufacturer’s stock worth $476,863,000 after purchasing an additional 274,086 shares in the last quarter. Amerigo Asset Management raised its holdings in Micron Technology by 11.9% in the second quarter. Amerigo Asset Management now owns 8,077,460 shares of the semiconductor manufacturer’s stock worth $241,193,000 after purchasing an additional 860,000 shares in the last quarter. Finally, CI Investments Inc. raised its holdings in Micron Technology by 0.5% in the third quarter. CI Investments Inc. now owns 7,570,300 shares of the semiconductor manufacturer’s stock worth $297,740,000 after purchasing an additional 35,300 shares in the last quarter. Hedge funds and other institutional investors own 81.16% of the company’s stock.

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