Micron Technology (MU) PT Raised to $53.00 at Cowen

Micron Technology (NASDAQ:MU) had its price target hoisted by research analysts at Cowen from $50.00 to $53.00 in a report released on Wednesday. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Cowen’s price target would indicate a potential upside of 18.72% from the company’s current price.

Several other research firms have also weighed in on MU. Zacks Investment Research lowered shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 28th. BidaskClub upgraded shares of Micron Technology from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 12th. Vetr upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $42.77 price objective on the stock in a research note on Wednesday, October 25th. J P Morgan Chase & Co increased their price objective on shares of Micron Technology to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Loop Capital reiterated a “buy” rating and set a $48.00 price objective (up previously from $46.00) on shares of Micron Technology in a research note on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $53.50.

Shares of Micron Technology (NASDAQ:MU) traded up $0.22 during trading on Wednesday, hitting $44.64. 11,674,763 shares of the stock were exchanged, compared to its average volume of 30,472,395. The firm has a market cap of $52,901.41, a price-to-earnings ratio of 6.96, a PEG ratio of 0.62 and a beta of 1.75. The company has a current ratio of 2.39, a quick ratio of 1.75 and a debt-to-equity ratio of 0.33. Micron Technology has a 1-year low of $21.49 and a 1-year high of $49.89.

Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.60. The business had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The company’s revenue for the quarter was up 71.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.32 EPS. equities analysts expect that Micron Technology will post 7.42 EPS for the current year.

In other news, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $44.55, for a total value of $133,650.00. Following the completion of the transaction, the director now directly owns 117,299 shares in the company, valued at $5,225,670.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 13,694 shares of the stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $38.00, for a total transaction of $520,372.00. Following the completion of the transaction, the executive vice president now owns 153,926 shares of the company’s stock, valued at $5,849,188. The disclosure for this sale can be found here. In the last 90 days, insiders sold 268,588 shares of company stock valued at $10,480,038. 0.53% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC boosted its holdings in Micron Technology by 1.5% during the third quarter. Parametric Portfolio Associates LLC now owns 3,383,098 shares of the semiconductor manufacturer’s stock worth $133,057,000 after buying an additional 51,527 shares in the last quarter. Shelton Capital Management boosted its holdings in Micron Technology by 104.0% during the third quarter. Shelton Capital Management now owns 188,499 shares of the semiconductor manufacturer’s stock worth $7,414,000 after buying an additional 96,100 shares in the last quarter. Rubric Capital Management LP boosted its holdings in Micron Technology by 130.8% during the third quarter. Rubric Capital Management LP now owns 600,000 shares of the semiconductor manufacturer’s stock worth $23,598,000 after buying an additional 340,000 shares in the last quarter. Greenlight Capital Inc. boosted 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 buying an additional 2,371,900 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Micron Technology by 0.4% during the third quarter. Public Employees Retirement System of Ohio now owns 711,772 shares of the semiconductor manufacturer’s stock worth $27,994,000 after buying an additional 2,711 shares in the last quarter. Institutional investors and hedge funds own 80.82% of the company’s stock.

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