Credit Suisse Group set a $90.00 price objective on Micron Technology (NASDAQ:MU) in a research note published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.
A number of other analysts also recently issued reports on the company. BidaskClub downgraded Micron Technology from a strong-buy rating to a buy rating in a research note on Tuesday, June 19th. Evercore ISI lifted their price objective on Micron Technology from $80.00 to $100.00 and gave the stock an outperform rating in a research note on Monday, June 18th. Longbow Research began coverage on Micron Technology in a research note on Wednesday, June 6th. They issued a neutral rating on the stock. Morgan Stanley downgraded Micron Technology from an overweight rating to an equal weight rating and set a $65.00 price objective on the stock. in a research note on Thursday, May 31st. Finally, Zacks Investment Research raised Micron Technology from a hold rating to a buy rating and set a $67.00 price objective on the stock in a research note on Thursday, May 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $70.40.
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NASDAQ:MU opened at $57.10 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63. Micron Technology has a 1 year low of $26.85 and a 1 year high of $64.66. The company has a market capitalization of $68.94 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 0.64 and a beta of 1.37.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.13 by $0.02. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The business had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.76 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The company’s revenue was up 40.1% compared to the same quarter last year. equities analysts expect that Micron Technology will post 11.48 earnings per share for the current fiscal year.
Micron Technology announced that its Board of Directors has authorized a stock 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 purchase up to 16.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other Micron Technology news, Director Patrick J. Byrne sold 14,360 shares of the company’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $46.31, for a total value of $665,011.60. Following the completion of the sale, the director now directly owns 100,299 shares in the company, valued at approximately $4,644,846.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott J. Deboer sold 13,695 shares of the company’s stock in a transaction on Monday, March 26th. The stock was sold at an average price of $56.11, for a total value of $768,426.45. Following the completion of the sale, the executive vice president now owns 133,799 shares of the company’s stock, valued at $7,507,461.89. The disclosure for this sale can be found here. Insiders sold a total of 77,850 shares of company stock valued at $4,233,228 over the last quarter. Company insiders own 0.53% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Brasada Capital Management LP lifted its holdings in shares of Micron Technology by 100.0% in the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after buying an additional 1,000 shares during the period. Lara May & Associates LLC purchased a new stake in shares of Micron Technology during the 1st quarter worth $307,000. Chesapeake Wealth Management purchased a new stake in shares of Micron Technology during the 1st quarter worth $341,000. Howard Capital Management Inc. lifted its stake in shares of Micron Technology by 79.9% during the 1st quarter. Howard Capital Management Inc. now owns 9,271 shares of the semiconductor manufacturer’s stock worth $478,000 after purchasing an additional 4,118 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Micron Technology by 8.0% during the 1st quarter. Amalgamated Bank now owns 154,973 shares of the semiconductor manufacturer’s stock worth $8,080,000 after purchasing an additional 11,432 shares during the last quarter. Institutional investors and hedge funds own 78.40% of the company’s stock.
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.