Micron Technology (MU) Debt Trading 2.4% Lower

An issue of Micron Technology, Inc. (NASDAQ:MU) debt fell 2.4% against its face value during trading on Monday. The high-yield debt issue has a 5.327% coupon and is set to mature on February 6, 2029. The bonds in the issue are now trading at $99.56 and were trading at $100.78 last week. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.

Several research firms recently weighed in on MU. ValuEngine raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Saturday, February 2nd. BidaskClub raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, January 25th. Sanford C. Bernstein raised Micron Technology from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Micron Technology in a report on Tuesday, January 8th. Finally, BMO Capital Markets raised Micron Technology from a “market perform” rating to an “outperform” rating and raised their price target for the company from $32.00 to $50.00 in a report on Monday, January 7th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $59.52.

Shares of MU traded up $1.28 during midday trading on Wednesday, reaching $41.68. 48,759,452 shares of the stock were exchanged, compared to its average volume of 37,002,117. Micron Technology, Inc. has a twelve month low of $28.39 and a twelve month high of $64.66. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.15 and a current ratio of 2.90. The company has a market capitalization of $45.29 billion, a P/E ratio of 3.53, a P/E/G ratio of 0.79 and a beta of 1.85.

Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, December 18th. The semiconductor manufacturer reported $2.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.90 by $0.07. Micron Technology had a return on equity of 48.58% and a net margin of 46.82%. The company had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $8.01 billion. During the same quarter last year, the firm earned $2.45 earnings per share. On average, equities research analysts predict that Micron Technology, Inc. will post 7.7 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. JNBA Financial Advisors acquired a new stake in shares of Micron Technology during the fourth quarter worth $28,000. Lavaca Capital LLC acquired a new position in Micron Technology in the fourth quarter valued at about $29,000. Athena Capital Advisors LLC acquired a new position in Micron Technology in the fourth quarter valued at about $29,000. Intercontinental Wealth Advisors LLC acquired a new position in Micron Technology in the fourth quarter valued at about $31,000. Finally, Baystate Wealth Management LLC raised its stake in Micron Technology by 525.0% in the fourth quarter. Baystate Wealth Management LLC now owns 1,000 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 840 shares in the last quarter. 77.64% of the stock is owned by institutional investors.

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About Micron Technology (NASDAQ:MU)

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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