Micron Technology (NASDAQ:MU) Price Target Cut to $28.00 by Analysts at Robert W. Baird

Micron Technology (NASDAQ:MU) had its price objective cut by Robert W. Baird from $32.00 to $28.00 in a research note released on Friday morning, Briefing.com Automated Import reports. They currently have an underperform rating on the semiconductor manufacturer’s stock.

Several other equities research analysts have also commented on MU. Zacks Investment Research raised Micron Technology from a sell rating to a hold rating in a research note on Tuesday, May 21st. JPMorgan Chase & Co. reissued an overweight rating on shares of Micron Technology in a research note on Friday. UBS Group boosted their price target on Micron Technology to $41.00 and gave the stock a neutral rating in a research note on Thursday, March 21st. Morgan Stanley downgraded Micron Technology from an equal weight rating to an underweight rating and set a $32.00 price objective for the company. in a research report on Thursday, April 4th. Finally, Mizuho cut their price objective on Micron Technology from $45.00 to $44.00 and set a buy rating for the company in a research report on Friday, March 15th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eighteen have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $48.00.

Shares of NASDAQ:MU opened at $33.25 on Friday. The company has a market cap of $36.80 billion, a PE ratio of 2.81 and a beta of 1.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.65 and a current ratio of 2.25. Micron Technology has a 12 month low of $28.39 and a 12 month high of $60.41.

In other news, SVP Joel L. Poppen sold 20,210 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $41.45, for a total transaction of $837,704.50. Following the completion of the sale, the senior vice president now directly owns 269,368 shares in the company, valued at approximately $11,165,303.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP April S. Arnzen sold 21,182 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $39.39, for a total value of $834,358.98. Following the sale, the senior vice president now owns 86,992 shares of the company’s stock, valued at $3,426,614.88. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MU. Norges Bank purchased a new stake in Micron Technology during the 4th quarter worth $365,896,000. Two Sigma Advisers LP boosted its position in Micron Technology by 517.9% during the 4th quarter. Two Sigma Advisers LP now owns 2,291,656 shares of the semiconductor manufacturer’s stock worth $72,714,000 after purchasing an additional 1,920,800 shares during the period. Brandywine Global Investment Management LLC boosted its position in Micron Technology by 57.8% during the 4th quarter. Brandywine Global Investment Management LLC now owns 4,099,250 shares of the semiconductor manufacturer’s stock worth $130,070,000 after purchasing an additional 1,501,654 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in Micron Technology by 24.5% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 6,032,954 shares of the semiconductor manufacturer’s stock worth $191,427,000 after purchasing an additional 1,186,090 shares during the period. Finally, Vanguard Group Inc boosted its position in Micron Technology by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 87,876,412 shares of the semiconductor manufacturer’s stock worth $3,974,651,000 after purchasing an additional 1,176,989 shares during the period. Institutional investors and hedge funds own 77.03% of the company’s stock.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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