Micron Technology (NASDAQ:MU) Price Target Raised to $60.00

Micron Technology (NASDAQ:MU) had its price objective increased by analysts at Royal Bank of Canada from $55.00 to $60.00 in a research note issued to investors on Tuesday, The Fly reports. The brokerage currently has an “outperform” rating on the semiconductor manufacturer’s stock. Royal Bank of Canada’s target price suggests a potential upside of 22.09% from the company’s previous close.

A number of other research analysts also recently commented on MU. Cowen reaffirmed an “outperform” rating and set a $65.00 price objective (down from $70.00) on shares of Micron Technology in a research report on Thursday, March 26th. Barclays lowered their price objective on shares of Micron Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Micron Technology in a research report on Monday. Raymond James boosted their price objective on shares of Micron Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a research note on Tuesday. Finally, Mizuho reiterated a “buy” rating and set a $63.00 target price (up from $60.00) on shares of Micron Technology in a research note on Monday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Micron Technology currently has a consensus rating of “Buy” and a consensus target price of $63.26.

NASDAQ MU opened at $49.15 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.74 and a quick ratio of 1.85. The company’s 50 day simple moving average is $48.38 and its 200 day simple moving average is $50.06. Micron Technology has a 12 month low of $31.13 and a 12 month high of $61.19. The company has a market capitalization of $54.66 billion, a P/E ratio of 24.33, a PEG ratio of 2.12 and a beta of 1.61.

Micron Technology (NASDAQ:MU) last released its earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.32. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the previous year, the firm earned $1.05 EPS. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, analysts anticipate that Micron Technology will post 2.23 earnings per share for the current year.

In related news, SVP April S. Arnzen sold 2,542 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $45.00, for a total transaction of $114,390.00. Following the transaction, the senior vice president now directly owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.18% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in MU. State Street Corp grew its position in Micron Technology by 0.3% during the 1st quarter. State Street Corp now owns 47,878,360 shares of the semiconductor manufacturer’s stock worth $2,013,764,000 after acquiring an additional 132,089 shares during the last quarter. Sanders Capital LLC grew its position in Micron Technology by 36.3% during the 1st quarter. Sanders Capital LLC now owns 25,218,470 shares of the semiconductor manufacturer’s stock worth $1,196,628,000 after acquiring an additional 6,711,318 shares during the last quarter. Wellington Management Group LLP grew its position in Micron Technology by 0.7% during the 1st quarter. Wellington Management Group LLP now owns 18,610,473 shares of the semiconductor manufacturer’s stock worth $782,756,000 after acquiring an additional 124,973 shares during the last quarter. Geode Capital Management LLC grew its position in Micron Technology by 3.6% during the 1st quarter. Geode Capital Management LLC now owns 16,941,710 shares of the semiconductor manufacturer’s stock worth $711,161,000 after acquiring an additional 588,296 shares during the last quarter. Finally, Capital International Investors grew its position in shares of Micron Technology by 40.7% in the 1st quarter. Capital International Investors now owns 15,956,303 shares of the semiconductor manufacturer’s stock worth $671,123,000 after buying an additional 4,614,033 shares during the last quarter. 80.06% of the stock is currently owned by institutional investors.

About Micron Technology

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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