Micron Technology (NASDAQ:MU) Rating Reiterated by Wedbush

Micron Technology (NASDAQ:MU)‘s stock had its “outperform” rating reissued by Wedbush in a report released on Thursday, Benzinga reports. They currently have a $140.00 price objective on the semiconductor manufacturer’s stock. Wedbush’s target price would suggest a potential upside of 30.23% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus lowered their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Needham & Company LLC restated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday. Morgan Stanley cut their target price on Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. TD Cowen boosted their target price on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a report on Thursday. Finally, KeyCorp dropped their price target on Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $144.38.

Micron Technology Trading Down 2.2 %

Shares of NASDAQ:MU opened at $107.50 on Thursday. Micron Technology has a 52 week low of $63.83 and a 52 week high of $157.54. The company’s 50 day moving average is $97.77 and its two-hundred day moving average is $114.60. The company has a market cap of $119.20 billion, a PE ratio of -76.02, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the prior year, the company posted ($1.21) earnings per share. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. Equities analysts predict that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its position in shares of Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. Capital International Investors raised its holdings in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares during the last quarter. Swedbank AB boosted its position in Micron Technology by 473.8% during the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in Micron Technology by 301,500.0% in the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after purchasing an additional 1,809,000 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Micron Technology by 28.9% in the first quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock valued at $892,023,000 after buying an additional 1,695,876 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.