Micron Technology Inc. (MU) Cut to Buy at Vetr Inc.

Micron Technology Inc. (NASDAQ:MU) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They currently have a $16.39 price target on the semiconductor manufacturer’s stock. Vetr‘s price target points to a potential upside of 11.72% from the stock’s current price.

A number of large investors have added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Micron Technology by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 63,769,649 shares of the semiconductor manufacturer’s stock worth $902,979,000 after buying an additional 2,091,483 shares during the period. Primecap Management Co. CA boosted its stake in Micron Technology by 11.6% in the first quarter. Primecap Management Co. CA now owns 57,143,016 shares of the semiconductor manufacturer’s stock worth $598,287,000 after buying an additional 5,961,872 shares during the period. Amerigo Asset Management boosted its stake in Micron Technology by 7.3% in the second quarter. Amerigo Asset Management now owns 17,913,834 shares of the semiconductor manufacturer’s stock worth $246,494,000 after buying an additional 1,212,741 shares during the period. BlackRock Group LTD boosted its stake in Micron Technology by 0.4% in the first quarter. BlackRock Group LTD now owns 10,775,884 shares of the semiconductor manufacturer’s stock worth $112,822,000 after buying an additional 40,454 shares during the period. Finally, Norges Bank acquired a new stake in Micron Technology during the fourth quarter worth approximately $146,674,000.

In other Micron Technology news, VP Brian Shirley sold 48,750 shares of the stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $12.37, for a total value of $603,037.50. Following the completion of the sale, the vice president now directly owns 381,264 shares in the company, valued at $4,716,235.68. The transaction was disclosed in a document filed with the SEC, which is available at this link.

MU has been the topic of several other research reports. Summit Research reiterated a “buy” rating and issued a $14.00 price target on shares of Micron Technology in a report on Friday, April 1st. Morgan Stanley reiterated an “overweight” rating and issued a $18.00 price target on shares of Micron Technology in a report on Tuesday, July 5th. Brean Capital reiterated a “buy” rating and issued a $14.00 price target on shares of Micron Technology in a report on Monday, June 27th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $15.00 price target on shares of Micron Technology in a report on Wednesday, June 29th. Finally, MKM Partners reiterated a “buy” rating on shares of Micron Technology in a report on Thursday, March 31st. Five research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $16.84.

Micron Technology (NASDAQ:MU) traded up 5.39% during mid-day trading on Tuesday, hitting $14.67. 38,959,762 shares of the stock traded hands. Micron Technology has a 52-week low of $9.31 and a 52-week high of $20.57. The firm has a market cap of $15.23 billion and a P/E ratio of 42.16. The firm’s 50-day moving average is $12.83 and its 200 day moving average is $11.39.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company earned $2.90 billion during the quarter. During the same quarter in the prior year, the business posted $0.54 EPS. The firm’s quarterly revenue was down 24.8% compared to the same quarter last year. Equities analysts predict that Micron Technology will post ($0.07) EPS for the current fiscal year.