Micron Technology (NASDAQ:MU) PT Lowered to $100.00 at Morgan Stanley

Micron Technology (NASDAQ:MU) had its price target decreased by research analysts at Morgan Stanley from $140.00 to $100.00 in a research note issued to investors on Monday, Briefing.com reports. The brokerage currently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target suggests a potential upside of 13.68% from the company’s current price.

Several other equities research analysts have also commented on the stock. Wolfe Research upped their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Wells Fargo & Company upped their target price on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price target for the stock from $140.00 to $67.00 in a research note on Thursday. Needham & Company LLC reduced their price objective on Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, KeyCorp decreased their target price on Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $150.77.

Micron Technology Stock Down 3.6 %

MU opened at $87.97 on Monday. The stock has a market capitalization of $97.54 billion, a price-to-earnings ratio of -62.22 and a beta of 1.17. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $104.18 and a 200-day moving average price of $115.03. Micron Technology has a twelve month low of $63.83 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same period last year, the business posted ($1.57) EPS. Equities research analysts forecast that Micron Technology will post 0.61 earnings per share for the current year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the last quarter. Capital International Investors increased its position in shares of Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares during the period. Swedbank AB raised its stake in shares of Micron Technology by 473.8% during the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after acquiring an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Micron Technology by 301,500.0% in the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after purchasing an additional 1,809,000 shares during the period. Finally, Van ECK Associates Corp grew its stake in Micron Technology by 28.9% in the first quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock worth $892,023,000 after purchasing an additional 1,695,876 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.