Micron Technology (NASDAQ:MU) Coverage Initiated by Analysts at China Renaissance

Research analysts at China Renaissance assumed coverage on shares of Micron Technology (NASDAQ:MU) in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $148.00 price target on the semiconductor manufacturer’s stock. China Renaissance’s target price points to a potential upside of 36.81% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on MU. Susquehanna lowered their price target on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price target for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Rosenblatt Securities boosted their price objective on shares of Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. UBS Group dropped their target price on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Up 1.7 %

MU stock opened at $108.18 on Monday. Micron Technology has a one year low of $65.17 and a one year high of $157.54. The company has a fifty day moving average of $99.18 and a 200-day moving average of $113.58. The stock has a market capitalization of $119.95 billion, a PE ratio of -76.18 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period last year, the firm earned ($1.21) EPS. The company’s quarterly revenue was up 93.3% compared to the same quarter last year. As a group, analysts expect that Micron Technology will post 8.31 EPS for the current year.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently modified their holdings of MU. Vanguard Group Inc. increased its position in shares of Micron Technology by 1.8% during the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after acquiring an additional 1,681,815 shares during the last quarter. Capital World Investors grew its stake in Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after purchasing an additional 1,400,154 shares in the last quarter. Capital International Investors increased its holdings 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 purchasing an additional 2,397,885 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position 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. Finally, Van ECK Associates Corp boosted its stake in shares of Micron Technology by 30.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after buying an additional 2,477,985 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.