Micron Technology (NASDAQ:MU) Cut to Buy at StockNews.com

Micron Technology (NASDAQ:MU – Get Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Other research analysts have also issued research reports about the stock. Mizuho raised their target price on shares of Micron Technology from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, March 30th. Sanford C. Bernstein raised shares of Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 price objective on the stock in a research note on Wednesday, March 16th. Morgan Stanley lifted their price objective on shares of Micron Technology from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 30th. Rosenblatt Securities reissued a “buy” rating and set a $165.00 price objective on shares of Micron Technology in a research note on Wednesday, March 30th. Finally, Susquehanna reissued a “buy” rating and set a $115.00 price objective on shares of Micron Technology in a research note on Monday. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $112.92.

Shares of NASDAQ MU opened at $74.48 on Wednesday. The firm has a market capitalization of $83.17 billion, a PE ratio of 9.37, a price-to-earnings-growth ratio of 0.25 and a beta of 1.18. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. Micron Technology has a 1 year low of $65.67 and a 1 year high of $98.45. The firm’s 50-day moving average is $73.35 and its 200-day moving average is $81.37.

Micron Technology (NASDAQ:MU – Get Rating) last issued its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.20. The company had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.53 billion. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. As a group, equities research analysts anticipate that Micron Technology will post 9.15 earnings per share for the current fiscal year.

In other news, SVP April S. Arnzen sold 5,600 shares of Micron Technology stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $76.00, for a total value of $425,600.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. SOA Wealth Advisors LLC. increased its holdings in Micron Technology by 144.9% during the first quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Concorde Financial Corp acquired a new position in shares of Micron Technology in the fourth quarter valued at $27,000. Selective Wealth Management Inc. acquired a new position in shares of Micron Technology in the fourth quarter valued at $28,000. Core Alternative Capital increased its holdings in shares of Micron Technology by 912.5% in the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 365 shares during the last quarter. Finally, Sterling Investment Advisors Ltd. increased its holdings in shares of Micron Technology by 600.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 350 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 80.35% of the company’s stock.

About Micron Technology (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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