Micron Technology (MU) Rating Reiterated by BMO Capital Markets

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BMO Capital Markets reaffirmed their hold rating on shares of Micron Technology (NASDAQ:MU) in a report published on Monday, September 17th. The brokerage currently has a $45.00 price objective on the semiconductor manufacturer’s stock, down from their previous price objective of $63.00.

Several other equities analysts have also commented on MU. BidaskClub lowered shares of Micron Technology from a hold rating to a sell rating in a research note on Friday, August 17th. JPMorgan Chase & Co. increased their price target on shares of Micron Technology from $82.00 to $84.00 and gave the company a buy rating in a research note on Thursday, June 21st. Rosenblatt Securities increased their price target on shares of Micron Technology to $120.00 in a research note on Thursday, June 21st. Royal Bank of Canada dropped their price target on shares of Micron Technology from $83.00 to $70.00 and set an outperform rating on the stock in a research note on Tuesday, September 11th. Finally, Goldman Sachs Group lowered shares of Micron Technology from a buy rating to a neutral rating and dropped their price target for the company from $68.00 to $50.00 in a research note on Wednesday, September 12th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. Micron Technology presently has a consensus rating of Buy and a consensus target price of $68.42.

Shares of MU traded up $0.50 during mid-day trading on Monday, hitting $42.47. 32,650,254 shares of the company’s stock were exchanged, compared to its average volume of 46,141,387. The stock has a market capitalization of $52.46 billion, a PE ratio of 3.59, a P/E/G ratio of 0.69 and a beta of 1.55. Micron Technology has a fifty-two week low of $37.52 and a fifty-two week high of $64.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.33 by $0.20. The business had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.25 billion. Micron Technology had a net margin of 46.51% and a return on equity of 54.94%. The business’s quarterly revenue was up 37.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.02 earnings per share. On average, sell-side analysts predict that Micron Technology will post 10.4 earnings per share for the current year.

In related news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the stock in a transaction on Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the completion of the sale, the senior vice president now directly owns 126,990 shares of the company’s stock, valued at $6,995,879.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.53% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Micron Technology by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,543,491 shares of the semiconductor manufacturer’s stock worth $710,326,000 after buying an additional 40,694 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its stake in shares of Micron Technology by 47.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock worth $316,921,000 after buying an additional 1,958,119 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Micron Technology by 4.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 5,113,462 shares of the semiconductor manufacturer’s stock worth $268,150,000 after buying an additional 238,829 shares during the last quarter. Parnassus Investments CA raised its stake in shares of Micron Technology by 40.0% during the 2nd quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock worth $256,956,000 after buying an additional 1,400,000 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Micron Technology by 7.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,185,658 shares of the semiconductor manufacturer’s stock worth $219,496,000 after buying an additional 277,992 shares during the last quarter. 74.05% of the stock is owned by institutional investors.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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