Micron Technology (MU) Price Target Increased to $72.00 by Analysts at MKM Partners

Micron Technology (NASDAQ:MU) had its target price raised by analysts at MKM Partners to $72.00 in a research note issued to investors on Tuesday. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. MKM Partners’ target price points to a potential upside of 20.87% from the stock’s current price.

Several other equities analysts also recently commented on MU. Credit Suisse Group boosted their price objective on Micron Technology from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday. Stifel Nicolaus restated a “buy” rating on shares of Micron Technology in a research report on Tuesday. Cowen boosted their price objective on Micron Technology from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday. Barclays boosted their price objective on Micron Technology to $65.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, KeyCorp restated an “overweight” rating and issued a $80.00 price objective (up from $72.00) on shares of Micron Technology in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology has a consensus rating of “Buy” and a consensus price target of $65.57.

NASDAQ:MU opened at $59.57 on Tuesday. Micron Technology has a 52-week low of $26.85 and a 52-week high of $63.42. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.58 and a quick ratio of 2.06. The stock has a market cap of $61.92 billion, a price-to-earnings ratio of 13.51, a P/E/G ratio of 0.49 and a beta of 1.36.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.27. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The business had revenue of $7.35 billion for the quarter, compared to the consensus estimate of $7.28 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The business’s revenue was up 58.2% on a year-over-year basis. equities research analysts predict that Micron Technology will post 10.92 EPS for the current year.

In other news, SVP April S. Arnzen sold 532 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $59.80, for a total transaction of $31,813.60. Following the transaction, the senior vice president now owns 57,437 shares of the company’s stock, valued at $3,434,732.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Patrick J. Byrne sold 14,360 shares of the company’s stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total value of $665,011.60. Following the transaction, the director now directly owns 100,299 shares in the company, valued at approximately $4,644,846.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,587 shares of company stock worth $2,871,752. Insiders own 0.53% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MU. Schwab Charles Investment Management Inc. grew its stake in Micron Technology by 19.4% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 4,536,699 shares of the semiconductor manufacturer’s stock worth $186,550,000 after purchasing an additional 737,791 shares in the last quarter. Acadian Asset Management LLC grew its stake in Micron Technology by 48.1% in the fourth quarter. Acadian Asset Management LLC now owns 6,660 shares of the semiconductor manufacturer’s stock worth $274,000 after purchasing an additional 2,164 shares in the last quarter. Regentatlantic Capital LLC grew its stake in Micron Technology by 19.6% in the fourth quarter. Regentatlantic Capital LLC now owns 255,206 shares of the semiconductor manufacturer’s stock worth $10,494,000 after purchasing an additional 41,785 shares in the last quarter. First Quadrant L P CA bought a new position in Micron Technology in the fourth quarter worth approximately $3,260,000. Finally, Texas Permanent School Fund grew its stake in Micron Technology by 2.0% in the fourth quarter. Texas Permanent School Fund now owns 314,829 shares of the semiconductor manufacturer’s stock worth $12,946,000 after purchasing an additional 6,088 shares in the last quarter. 78.52% of the stock is currently owned by hedge funds and other 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.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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