Micron Technology (NASDAQ:MU) Rating Increased to Buy at StockNews.com

Micron Technology (NASDAQ:MU – Get Rating) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

A number of other research analysts have also issued reports on MU. Summit Insights lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Sunday, June 12th. Robert W. Baird cut their price target on shares of Micron Technology from $90.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Susquehanna reaffirmed a “buy” rating and set a $115.00 price target on shares of Micron Technology in a report on Monday, May 16th. Mizuho cut their price target on shares of Micron Technology from $95.00 to $84.00 and set a “buy” rating for the company in a report on Friday, July 1st. Finally, Cowen cut their price target on shares of Micron Technology from $90.00 to $70.00 and set an “outperform” rating for the company in a report on Friday, July 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $87.42.

NASDAQ:MU opened at $57.81 on Tuesday. The firm’s 50-day simple moving average is $64.66 and its 200 day simple moving average is $76.27. Micron Technology has a 52 week low of $51.40 and a 52 week high of $98.45. The firm has a market cap of $63.77 billion, a price-to-earnings ratio of 6.59, a P/E/G ratio of 0.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.44 and a current ratio of 3.24.

Micron Technology (NASDAQ:MU – Get Rating) last announced its earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.25. Micron Technology had a net margin of 30.61% and a return on equity of 21.91%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.66 billion. During the same quarter in the prior year, the business posted $1.81 EPS. The business’s revenue was up 16.4% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology will post 8.23 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legacy Wealth Asset Management LLC grew its position in shares of Micron Technology by 0.9% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 12,632 shares of the semiconductor manufacturer’s stock worth $1,177,000 after buying an additional 111 shares during the period. FineMark National Bank & Trust grew its position in shares of Micron Technology by 4.0% in the 4th quarter. FineMark National Bank & Trust now owns 3,062 shares of the semiconductor manufacturer’s stock worth $285,000 after buying an additional 119 shares during the period. Trust Co. of Oklahoma grew its position in shares of Micron Technology by 1.5% in the 4th quarter. Trust Co. of Oklahoma now owns 7,878 shares of the semiconductor manufacturer’s stock worth $734,000 after buying an additional 120 shares during the period. Hancock Whitney Corp grew its position in Micron Technology by 1.3% during the 4th quarter. Hancock Whitney Corp now owns 10,803 shares of the semiconductor manufacturer’s stock valued at $1,006,000 after purchasing an additional 134 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. grew its position in Micron Technology by 1.2% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,029 shares of the semiconductor manufacturer’s stock valued at $1,027,000 after purchasing an additional 134 shares during the last quarter. 80.35% of the stock is currently owned by institutional investors.

About Micron Technology (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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