Micron Technology (NASDAQ:MU) PT Raised to $60.00 at Bank of America

Micron Technology (NASDAQ:MU) had its target price upped by Bank of America from $45.00 to $60.00 in a research report released on Thursday, The Fly reports. The firm currently has an average rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also recently commented on MU. Zacks Investment Research cut shares of HENGAN INTL GRP/ADR from a strong-buy rating to a hold rating in a research note on Tuesday, May 21st. Royal Bank of Canada reiterated an underperform rating and issued a GBX 215 ($2.81) target price on shares of in a report on Wednesday, June 26th. BidaskClub cut shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, July 11th. KeyCorp reiterated an overweight rating and issued a $136.00 target price (up from $127.00) on shares of Coupa Software in a report on Wednesday, June 26th. Finally, Nomura decreased their target price on shares of Micron Technology from $45.00 to $32.00 and set a neutral rating for the company in a report on Monday, June 3rd. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $46.77.

NASDAQ MU opened at $45.52 on Thursday. Micron Technology has a 12 month low of $28.39 and a 12 month high of $56.14. The company has a quick ratio of 1.88, a current ratio of 2.79 and a debt-to-equity ratio of 0.10. The company has a market cap of $50.25 billion, a P/E ratio of 3.85 and a beta of 1.97. The company’s fifty day moving average is $37.19.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The company had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period last year, the firm posted $3.15 EPS. The company’s revenue for the quarter was down 38.6% on a year-over-year basis. As a group, research analysts predict that Micron Technology will post 6.06 EPS for the current fiscal year.

In other Micron Technology news, SVP April S. Arnzen sold 4,800 shares of Micron Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $45.00, for a total transaction of $216,000.00. Following the sale, the senior vice president now owns 79,392 shares in the company, valued at $3,572,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction on Monday, July 15th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the sale, the executive vice president now owns 130,236 shares in the company, valued at approximately $5,860,620. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Several large investors have recently modified their holdings of MU. IMA Wealth Inc. raised its holdings in shares of Micron Technology by 6.0% in the second quarter. IMA Wealth Inc. now owns 64,003 shares of the semiconductor manufacturer’s stock valued at $2,470,000 after buying an additional 3,630 shares during the last quarter. Cerebellum GP LLC bought a new position in shares of Micron Technology in the second quarter valued at about $361,000. D.B. Root & Company LLC bought a new position in shares of Micron Technology in the second quarter valued at about $383,000. Davy Asset Management Ltd bought a new position in shares of Micron Technology in the second quarter valued at about $317,000. Finally, Bessemer Group Inc. raised its holdings in shares of Micron Technology by 15.4% in the second quarter. Bessemer Group Inc. now owns 14,177 shares of the semiconductor manufacturer’s stock valued at $547,000 after buying an additional 1,887 shares during the last quarter. Institutional investors own 77.21% of the company’s stock.

Micron Technology Company Profile

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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