Micron Technology (NASDAQ:MU) Given Buy Rating at Mizuho

Mizuho reiterated their buy rating on shares of Micron Technology (NASDAQ:MU) in a research note released on Monday morning, The Fly reports. Mizuho currently has a $53.00 price objective on the semiconductor manufacturer’s stock, up from their prior price objective of $50.00.

MU has been the subject of several other reports. Credit Suisse Group set a $90.00 price objective on Micron Technology and gave the stock a buy rating in a report on Monday, September 23rd. Deutsche Bank set a $55.00 price objective on Micron Technology and gave the stock a buy rating in a report on Monday, September 23rd. Needham & Company LLC lifted their price objective on Micron Technology to $60.00 and gave the stock a buy rating in a report on Friday, September 27th. Bank of America set a $60.00 price objective on Micron Technology and gave the stock a buy rating in a report on Thursday, September 26th. Finally, Cleveland Research reaffirmed a hold rating on shares of Micron Technology in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-two have assigned a buy rating to the company. Micron Technology currently has an average rating of Buy and a consensus price target of $53.46.

MU stock traded up $0.91 during midday trading on Monday, hitting $47.71. 17,708,700 shares of the stock were exchanged, compared to its average volume of 27,209,113. The stock’s 50-day moving average price is $45.80 and its 200-day moving average price is $42.41. The stock has a market cap of $51.92 billion, a price-to-earnings ratio of 7.76 and a beta of 2.00. Micron Technology has a fifty-two week low of $28.39 and a fifty-two week high of $51.39. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.78 and a current ratio of 2.58.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, September 26th. The semiconductor manufacturer reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $4.56 billion. Micron Technology had a return on equity of 19.81% and a net margin of 26.97%. Micron Technology’s revenue was down 42.3% on a year-over-year basis. During the same period in the previous year, the firm posted $3.53 earnings per share. Research analysts anticipate that Micron Technology will post 2.19 EPS for the current year.

In other news, Director Patrick J. Byrne sold 23,264 shares of Micron Technology stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $43.27, for a total value of $1,006,633.28. Following the completion of the sale, the director now owns 97,739 shares of the company’s stock, valued at $4,229,166.53. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP April S. Arnzen sold 4,252 shares of Micron Technology stock in a transaction on Friday, October 25th. The shares were sold at an average price of $47.22, for a total value of $200,779.44. Following the completion of the sale, the senior vice president now directly owns 101,439 shares of the company’s stock, valued at approximately $4,789,949.58. The disclosure for this sale can be found here. Insiders have sold 52,484 shares of company stock valued at $2,439,568 in the last three months. 0.20% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in MU. Virtus ETF Advisers LLC purchased a new stake in shares of Micron Technology in the second quarter valued at $25,000. Doyle Wealth Management purchased a new stake in shares of Micron Technology in the second quarter valued at $30,000. Whittier Trust Co. grew its position in shares of Micron Technology by 115.2% in the third quarter. Whittier Trust Co. now owns 794 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 425 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in shares of Micron Technology in the second quarter valued at $37,000. Finally, Griffin Asset Management Inc. purchased a new stake in shares of Micron Technology in the second quarter valued at $39,000. 76.51% of the stock is owned by institutional investors and hedge funds.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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