Robert W. Baird Cuts Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price objective cut by investment analysts at Robert W. Baird from $172.00 to $150.00 in a report released on Friday, Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Robert W. Baird’s price target would indicate a potential upside of 39.53% from the company’s previous close.

MU has been the subject of several other reports. Wolfe Research increased their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. UBS Group cut their price target on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Stifel Nicolaus dropped their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Rosenblatt Securities increased their target price on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday. Finally, BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and decreased their target price for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.38.

Micron Technology Trading Down 2.2 %

Shares of MU opened at $107.50 on Friday. The company’s fifty day moving average is $97.63 and its 200 day moving average is $114.69. Micron Technology has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The stock has a market capitalization of $119.20 billion, a PE ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.21) earnings per share. Sell-side analysts expect that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the last quarter. Capital International Investors boosted its position 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 in 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. lifted its position in shares of 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 acquiring an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp lifted 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 acquiring an additional 1,695,876 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

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.