Micron Technology (NASDAQ:MU) Price Target Raised to $55.00

Micron Technology (NASDAQ:MU) had its target price boosted by J P Morgan Chase & Co from $50.00 to $55.00 in a research report report published on Friday, November 10th, Marketbeat Ratings reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other research reports. Deutsche Bank reaffirmed a buy rating and issued a $42.00 price objective (up previously from $37.00) on shares of Micron Technology in a research report on Wednesday, September 20th. Needham & Company LLC reaffirmed a buy rating on shares of Micron Technology in a research report on Wednesday, September 27th. Morgan Stanley reaffirmed an overweight rating and issued a $36.00 price objective on shares of Micron Technology in a research report on Monday, August 14th. Loop Capital reiterated a buy rating and issued a $46.00 target price (up from $40.00) on shares of Micron Technology in a report on Thursday, September 21st. Finally, Nomura reiterated a buy rating and issued a $50.00 target price (up from $45.00) on shares of Micron Technology in a report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company. Micron Technology has a consensus rating of Buy and a consensus target price of $48.04.

Micron Technology (NASDAQ:MU) opened at $43.74 on Friday. The firm has a market capitalization of $55,280.00, a P/E ratio of 11.19, a PEG ratio of 0.67 and a beta of 1.78. The company has a current ratio of 2.34, a quick ratio of 1.75 and a debt-to-equity ratio of 0.51. Micron Technology has a 12-month low of $18.18 and a 12-month high of $49.89.

Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.84 by $0.18. The firm had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.01) EPS. analysts forecast that Micron Technology will post 7.42 earnings per share for the current year.

In other news, EVP Scott J. Deboer sold 10,000 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $34.00, for a total value of $340,000.00. Following the transaction, the executive vice president now directly owns 140,232 shares of the company’s stock, valued at $4,767,888. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $32.64, for a total value of $97,920.00. Following the completion of the transaction, the director now directly owns 117,284 shares in the company, valued at $3,828,149.76. The disclosure for this sale can be found here. Insiders have sold a total of 308,415 shares of company stock worth $11,836,825 over the last ninety days. 0.69% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors boosted its position in Micron Technology by 386.6% during the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock worth $1,188,259,000 after purchasing an additional 31,616,346 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Micron Technology by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 14,080,297 shares of the semiconductor manufacturer’s stock worth $420,639,000 after purchasing an additional 74,670 shares in the last quarter. Janus Henderson Group PLC boosted its position in Micron Technology by 2.3% during the third quarter. Janus Henderson Group PLC now owns 12,125,074 shares of the semiconductor manufacturer’s stock worth $476,863,000 after purchasing an additional 274,086 shares in the last quarter. Amerigo Asset Management boosted its position in Micron Technology by 11.9% during the second quarter. Amerigo Asset Management now owns 8,077,460 shares of the semiconductor manufacturer’s stock worth $241,193,000 after purchasing an additional 860,000 shares in the last quarter. Finally, CI Investments Inc. boosted its position in Micron Technology by 0.5% during the third 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. 81.16% of the stock is currently owned by hedge funds and other institutional investors.

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