TD Cowen Trims Micron Technology (NASDAQ:MU) Target Price to $115.00

Micron Technology (NASDAQ:MU) had its target price dropped by analysts at TD Cowen from $160.00 to $115.00 in a research report issued to clients and investors on Thursday, StockNewsAPI reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. TD Cowen’s target price suggests a potential upside of 31.65% from the stock’s previous close.

Several other research firms also recently issued reports on MU. JPMorgan Chase & Co. upped their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Susquehanna decreased their price target on Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a research note on Thursday, August 22nd. KeyCorp decreased their price target on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Bank of America upped their price target on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. Finally, Needham & Company LLC decreased their price target on Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, August 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $146.81.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $87.35 on Thursday. The business’s 50-day moving average price is $101.48 and its two-hundred day moving average price is $114.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. Micron Technology has a one year low of $63.83 and a one year high of $157.54. The company has a market capitalization of $96.86 billion, a P/E ratio of -61.51 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.57) earnings per share. Analysts anticipate that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in MU. Price T Rowe Associates Inc. MD boosted its stake in shares of Micron Technology by 22.2% in 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 purchasing an additional 3,315,988 shares in the last quarter. Capital International Investors lifted its position in Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after buying an additional 2,397,885 shares in the last quarter. Swedbank AB lifted its position in Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after buying an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. lifted its position in Micron Technology by 301,500.0% during the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock worth $213,334,000 after buying an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Micron Technology by 28.9% during the 1st quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock worth $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.

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.