Stifel Nicolaus Reiterates Buy Rating for Micron Technology (NASDAQ:MU)

Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating reissued by investment analysts at Stifel Nicolaus in a research note issued on Friday,Benzinga reports. They presently have a $135.00 price objective on the semiconductor manufacturer’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 31.71% from the company’s previous close.

A number of other equities research analysts have also weighed in on MU. China Renaissance started coverage on Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. Wells Fargo & Company cut their price objective on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Bank of America raised their target price on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Wedbush reiterated an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $150.00 price objective on shares of Micron Technology in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Price Performance

Micron Technology stock opened at $102.50 on Friday. The firm has a 50-day moving average of $103.58 and a two-hundred day moving average of $109.52. The stock has a market cap of $114.19 billion, a price-to-earnings ratio of 150.74 and a beta of 1.16. Micron Technology has a 1 year low of $78.63 and a 1 year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the company posted ($1.21) earnings per share. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. On average, research analysts forecast that Micron Technology will post 8.31 earnings per share for the current year.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently added to or reduced their stakes in MU. Assenagon Asset Management S.A. raised its stake in shares of Micron Technology by 0.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 53,402 shares of the semiconductor manufacturer’s stock worth $7,024,000 after buying an additional 333 shares in the last quarter. Baker Tilly Wealth Management LLC acquired a new stake in shares of Micron Technology in the second quarter worth approximately $221,000. Brookstone Capital Management raised its position in shares of Micron Technology by 1.1% in the 2nd quarter. Brookstone Capital Management now owns 11,392 shares of the semiconductor manufacturer’s stock worth $1,498,000 after buying an additional 125 shares during the period. Hoylecohen LLC grew its holdings in shares of Micron Technology by 47.6% during the 2nd quarter. Hoylecohen LLC now owns 3,724 shares of the semiconductor manufacturer’s stock worth $490,000 after purchasing an additional 1,201 shares during the period. Finally, Chapin Davis Inc. purchased a new position in shares of Micron Technology in the 2nd quarter valued at $4,056,000. 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.