Micron Technology (NASDAQ:MU) Stock Rating Reaffirmed by Wedbush

Micron Technology (NASDAQ:MU)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a research note issued to investors on Thursday, Benzinga reports. They presently have a $140.00 price target on the semiconductor manufacturer’s stock. Wedbush’s target price would indicate a potential upside of 24.77% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus cut their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. TD Cowen increased their target price on shares of Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday. Robert W. Baird upped their price target on shares of Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a research report on Monday, June 24th. Needham & Company LLC restated a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday. Finally, BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given 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 $144.88.

Micron Technology Stock Performance

NASDAQ:MU traded up $16.44 during mid-day trading on Thursday, reaching $112.21. The stock had a trading volume of 25,833,613 shares, compared to its average volume of 21,635,434. The business has a 50 day simple moving average of $98.39 and a 200 day simple moving average of $114.77. Micron Technology has a twelve month low of $63.83 and a twelve month high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm has a market capitalization of $124.42 billion, a price-to-earnings ratio of -79.02, a PEG ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the firm earned ($1.21) EPS. The company’s revenue for the quarter was up 93.3% on a year-over-year basis. On average, analysts expect that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. Clearbridge Investments LLC lifted its stake in shares of Micron Technology by 1.1% in the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after acquiring an additional 20,741 shares during the period. Chapin Davis Inc. bought a new position in shares of Micron Technology in the second quarter valued at $4,056,000. Norden Group LLC grew its holdings in Micron Technology by 1,916.7% during the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after buying an additional 47,648 shares in the last quarter. Gulf International Bank UK Ltd raised its holdings in shares of Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after purchasing an additional 5,958 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new position in Micron Technology in the 1st quarter valued at $8,558,000. 80.84% of the stock is owned by 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.