Micron Technology (MU) Shares Gap Down on Analyst Downgrade

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Micron Technology, Inc. (NASDAQ:MU) shares gapped down before the market opened on Friday after Robert W. Baird lowered their price target on the stock from $100.00 to $75.00. The stock had previously closed at $42.42, but opened at $45.31. Robert W. Baird currently has an outperform rating on the stock. Micron Technology shares last traded at $45.19, with a volume of 1531539 shares.

A number of other research analysts have also weighed in on the company. Benchmark started coverage on Micron Technology in a research note on Friday, June 22nd. They set a “buy” rating and a $80.00 price target on the stock. Zacks Investment Research raised Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Thursday, May 24th. UBS Group raised Micron Technology from a “sell” rating to a “neutral” rating and set a $35.00 target price on the stock in a research report on Tuesday, June 26th. Credit Suisse Group set a $90.00 target price on Micron Technology and gave the stock a “buy” rating in a research report on Thursday, June 21st. Finally, Deutsche Bank increased their target price on Micron Technology from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Nine analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $71.30.

In other news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the firm’s stock in a transaction dated Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the completion of the sale, the senior vice president now directly owns 126,990 shares in the company, valued at $6,995,879.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert E. Switz sold 75,000 shares of the firm’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $53.34, for a total value of $4,000,500.00. Following the sale, the director now owns 120,257 shares of the company’s stock, valued at $6,414,508.38. The disclosure for this sale can be found here. Insiders sold 140,000 shares of company stock worth $7,604,100 over the last three months. 0.53% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of Micron Technology by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,543,491 shares of the semiconductor manufacturer’s stock valued at $710,326,000 after acquiring an additional 40,694 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of Micron Technology by 47.5% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock valued at $316,921,000 after acquiring an additional 1,958,119 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Micron Technology by 4.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 5,113,462 shares of the semiconductor manufacturer’s stock valued at $268,150,000 after acquiring an additional 238,829 shares in the last quarter. Parnassus Investments CA grew its stake in shares of Micron Technology by 40.0% during the second quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock valued at $256,956,000 after acquiring an additional 1,400,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Micron Technology by 7.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,185,658 shares of the semiconductor manufacturer’s stock valued at $219,496,000 after acquiring an additional 277,992 shares in the last quarter. Institutional investors own 74.02% of the company’s stock.

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. The company has a market cap of $57.46 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 0.56 and a beta of 1.63.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share for the quarter, beating the consensus estimate of $3.13 by $0.02. The company had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.76 billion. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The company’s revenue was up 40.1% on a year-over-year basis. During the same period last year, the firm earned $1.62 earnings per share. research analysts forecast that Micron Technology, Inc. will post 11.56 EPS for the current fiscal year.

Micron Technology declared that its board has approved a share buyback program on Monday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 16.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Micron Technology Company Profile (NASDAQ:MU)

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.

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