Traders Buy Micron Technology (MU) on Weakness

Investors bought shares of Micron Technology, Inc. (NASDAQ:MU) on weakness during trading on Thursday. $323.12 million flowed into the stock on the tick-up and $265.99 million flowed out of the stock on the tick-down, for a money net flow of $57.13 million into the stock. Of all equities tracked, Micron Technology had the 20th highest net in-flow for the day. Micron Technology traded down ($1.23) for the day and closed at $42.49

A number of brokerages recently weighed in on MU. BidaskClub lowered shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Friday, January 26th. Goldman Sachs Group set a $55.00 target price on shares of Micron Technology and gave the stock a “buy” rating in a research report on Thursday, January 11th. Zacks Investment Research lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Rosenblatt Securities restated a “buy” rating and set a $85.00 target price (up previously from $75.00) on shares of Micron Technology in a research report on Wednesday, December 20th. Finally, Deutsche Bank restated a “buy” rating and set a $60.00 target price on shares of Micron Technology in a research report on Wednesday, December 20th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $55.75.

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39. The company has a market capitalization of $49,130.00, a PE ratio of 6.69, a P/E/G ratio of 0.43 and a beta of 1.75.

Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 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 the consensus estimate 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 last year, the firm posted $0.32 EPS. analysts expect that Micron Technology, Inc. will post 9.78 EPS for the current year.

In other news, SVP April S. Arnzen sold 27,878 shares of Micron Technology stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $44.27, for a total value of $1,234,159.06. Following the transaction, the senior vice president now owns 58,659 shares of the company’s stock, valued at approximately $2,596,833.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $42.73, for a total transaction of $128,190.00. Following the completion of the transaction, the director now directly owns 113,585 shares in the company, valued at approximately $4,853,487.05. The disclosure for this sale can be found here. Insiders have sold a total of 155,720 shares of company stock worth $6,652,590 in the last three months. Insiders own 0.53% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC grew its position in shares of Micron Technology by 2.3% in the 3rd 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 last quarter. CI Investments Inc. boosted its stake in Micron Technology by 0.5% in the 3rd 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. Legal & General Group Plc boosted its stake in Micron Technology by 1.7% in the 3rd quarter. Legal & General Group Plc now owns 5,642,131 shares of the semiconductor manufacturer’s stock worth $221,856,000 after purchasing an additional 94,517 shares in the last quarter. Greenlight Capital Inc. boosted its stake in Micron Technology by 89.5% in the 3rd quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock worth $197,511,000 after purchasing an additional 2,371,900 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in Micron Technology by 9.6% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 4,580,165 shares of the semiconductor manufacturer’s stock worth $180,137,000 after purchasing an additional 401,028 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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About Micron Technology

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

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