Micron Technology (MU) Shares Down 0.5%

Shares of Micron Technology, Inc. (NASDAQ:MU) were down 0.5% during mid-day trading on Wednesday . The company traded as low as $42.77 and last traded at $43.19. Approximately 36,881,838 shares traded hands during trading, a decline of 20% from the average daily volume of 45,873,969 shares. The stock had previously closed at $42.97.

MU has been the subject of a number of analyst reports. Vetr cut Micron Technology from a “buy” rating to a “hold” rating and set a $47.81 price target for the company. in a report on Friday, November 17th. Morgan Stanley upped their price target on Micron Technology from $39.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, November 27th. ValuEngine cut Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Deutsche Bank restated a “buy” rating and issued a $50.00 price target on shares of Micron Technology in a report on Tuesday, November 7th. Finally, JPMorgan Chase & Co. upped their price target on Micron Technology from $50.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $55.33.

The company has a market cap of $50,060.00, a P/E ratio of 6.82, a P/E/G ratio of 0.47 and a beta of 1.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The firm had revenue of $6.80 billion for the quarter, compared to analysts’ expectations of $6.43 billion. During the same period last year, the business posted $0.32 earnings per share. The firm’s revenue for the quarter was up 71.4% on a year-over-year basis. research analysts anticipate that Micron Technology, Inc. will post 9.78 earnings per share for the current fiscal year.

In related news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $44.55, for a total transaction of $133,650.00. Following the transaction, the director now directly owns 117,299 shares in the company, valued at $5,225,670.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott J. Deboer sold 30,000 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $42.00, for a total value of $1,260,000.00. Following the transaction, the executive vice president now owns 122,667 shares in the company, valued at $5,152,014. The disclosure for this sale can be found here. Insiders have sold 188,720 shares of company stock worth $8,046,240 over the last 90 days. 0.53% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital Research Global Investors increased its position 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 buying an additional 31,616,346 shares during the period. Dimensional Fund Advisors LP increased its position 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 buying an additional 74,670 shares during the period. Janus Henderson Group PLC increased its position 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 buying an additional 274,086 shares during the period. CI Investments Inc. increased its position 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 buying an additional 35,300 shares during the period. Finally, Legal & General Group Plc increased its position in Micron Technology by 1.7% in the third quarter. Legal & General Group Plc now owns 5,642,131 shares of the semiconductor manufacturer’s stock worth $221,856,000 after buying an additional 94,517 shares during the period. 80.89% of the stock is currently owned by hedge funds and other institutional investors.

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