Micron Technology (NASDAQ:MU) Downgraded by Summit Insights to “Hold”

Micron Technology (NASDAQ:MU – Get Rating) was downgraded by equities research analysts at Summit Insights from a “buy” rating to a “hold” rating in a report released on Sunday, The Fly reports.

MU has been the topic of a number of other reports. Wedbush upgraded Micron Technology from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $100.00 to $120.00 in a research report on Monday, February 14th. Sanford C. Bernstein upgraded Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 target price for the company in a research note on Wednesday, March 16th. Susquehanna reissued a “buy” rating and issued a $115.00 price target on shares of Micron Technology in a report on Monday, May 16th. Morgan Stanley increased their target price on Micron Technology from $77.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $165.00 target price on shares of Micron Technology in a report on Wednesday, March 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $113.04.

Shares of NASDAQ:MU traded down $3.40 during trading on Friday, reaching $62.62. The company had a trading volume of 26,647,545 shares, compared to its average volume of 15,873,960. The firm has a market capitalization of $69.93 billion, a price-to-earnings ratio of 7.88, a price-to-earnings-growth ratio of 0.21 and a beta of 1.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.11 and a quick ratio of 2.33. The stock’s fifty day moving average price is $70.70 and its 200 day moving average price is $80.56. Micron Technology has a fifty-two week low of $62.28 and a fifty-two week high of $98.45.

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

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

Hedge funds have recently bought and sold shares of the company. OLD Mission Capital LLC acquired a new stake in Micron Technology during the 3rd quarter worth $251,000. New World Advisors LLC acquired a new stake in shares of Micron Technology in the 3rd quarter valued at about $339,000. Evergreen Capital Management LLC grew its holdings in shares of Micron Technology by 4.9% in the 3rd quarter. Evergreen Capital Management LLC now owns 4,639 shares of the semiconductor manufacturer’s stock valued at $329,000 after acquiring an additional 218 shares in the last quarter. Claraphi Advisory Network LLC grew its holdings in shares of Micron Technology by 136.9% in the 3rd quarter. Claraphi Advisory Network LLC now owns 8,746 shares of the semiconductor manufacturer’s stock valued at $621,000 after acquiring an additional 5,054 shares in the last quarter. Finally, Certified Advisory Corp grew its holdings in shares of Micron Technology by 23.6% in the 3rd quarter. Certified Advisory Corp now owns 9,715 shares of the semiconductor manufacturer’s stock valued at $690,000 after acquiring an additional 1,852 shares in the last quarter. 80.35% of the stock is currently owned by institutional investors.

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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