BidaskClub Upgrades Micron Technology (NASDAQ:MU) to “Hold”

Micron Technology (NASDAQ:MU) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Friday, March 22nd, BidAskClub reports.

A number of other equities research analysts have also recently issued reports on the stock. Needham & Company LLC cut shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, December 19th. KeyCorp decreased their price target on shares of Micron Technology from $61.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, December 19th. Citigroup cut shares of Micron Technology from a “neutral” rating to a “sell” rating and decreased their price target for the company from $35.00 to $30.00 in a report on Thursday, March 21st. Piper Jaffray Companies decreased their price target on shares of Micron Technology to $36.00 and set a “neutral” rating for the company in a report on Wednesday, December 19th. Finally, Bank of America restated a “buy” rating and set a $55.00 price target (down from $85.00) on shares of Micron Technology in a report on Friday, December 7th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $56.59.

Shares of NASDAQ MU traded down $0.19 during mid-day trading on Friday, reaching $41.82. The company had a trading volume of 15,909,689 shares, compared to its average volume of 32,574,604. Micron Technology has a twelve month low of $28.39 and a twelve month high of $64.66. The company has a current ratio of 2.25, a quick ratio of 1.65 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $46.79 billion, a PE ratio of 3.54, a price-to-earnings-growth ratio of 1.06 and a beta of 1.87.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.67 by $0.04. The business had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.82 billion. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. Micron Technology’s revenue for the quarter was down 20.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.82 earnings per share. As a group, analysts predict that Micron Technology will post 6.27 EPS for the current year.

In other news, EVP Scott J. Deboer sold 14,486 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $42.88, for a total transaction of $621,159.68. Following the sale, the executive vice president now directly owns 150,236 shares of the company’s stock, valued at $6,442,119.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP April S. Arnzen sold 21,182 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $39.39, for a total transaction of $834,358.98. Following the completion of the transaction, the senior vice president now directly owns 86,992 shares in the company, valued at $3,426,614.88. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Executive Wealth Management LLC bought a new position in shares of Micron Technology during the fourth quarter worth $26,000. JNBA Financial Advisors bought a new position in shares of Micron Technology during the fourth quarter worth $28,000. Lavaca Capital LLC bought a new position in shares of Micron Technology during the fourth quarter worth $29,000. Athena Capital Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter worth $29,000. Finally, Valeo Financial Advisors LLC boosted its position in shares of Micron Technology by 73.3% during the first quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 300 shares in the last quarter. 77.21% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Company Profile

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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