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Micron Technology (NASDAQ:MU) Shares Down 3%

Micron Technology, Inc. (NASDAQ:MUGet Rating)’s share price was down 3% on Wednesday . The company traded as low as $76.77 and last traded at $76.77. Approximately 124,820 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 22,221,838 shares. The stock had previously closed at $79.12.

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Micron Technology from $75.00 to $77.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 21st. Cowen increased their target price on Micron Technology from $80.00 to $99.00 and gave the company an “outperform” rating in a research note on Monday, December 6th. The Goldman Sachs Group raised their target price on Micron Technology from $101.00 to $116.00 and gave the company a “buy” rating in a report on Monday, January 10th. UBS Group upped their price target on Micron Technology from $105.00 to $115.00 in a report on Thursday, January 6th. Finally, Barclays raised their price objective on shares of Micron Technology from $100.00 to $105.00 in a research note on Wednesday, January 12th. Five equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $113.54.

The firm has a market capitalization of $85.97 billion, a price-to-earnings ratio of 12.21, a P/E/G ratio of 0.38 and a beta of 1.17. The firm has a fifty day moving average price of $84.85 and a 200 day moving average price of $80.94. The company has a current ratio of 3.10, a quick ratio of 2.36 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MUGet Rating) last issued its quarterly earnings data on Monday, December 20th. The semiconductor manufacturer reported $2.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.11 by $0.05. Micron Technology had a return on equity of 19.01% and a net margin of 24.86%. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.68 billion. During the same quarter in the previous year, the company posted $0.71 EPS. The business’s revenue for the quarter was up 33.2% compared to the same quarter last year. As a group, equities analysts predict that Micron Technology, Inc. will post 8.67 EPS for the current fiscal year.

In other news, SVP Robert P. Beard sold 266 shares of Micron Technology stock in a transaction on Wednesday, February 16th. The stock was sold at an average price of $96.17, for a total value of $25,581.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 100,000 shares of the business’s stock in a transaction on Friday, January 14th. The stock was sold at an average price of $97.16, for a total value of $9,716,000.00. The disclosure for this sale can be found here. Insiders sold 217,373 shares of company stock valued at $20,942,395 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the business. Theleme Partners LLP boosted its holdings in Micron Technology by 2.3% during the fourth quarter. Theleme Partners LLP now owns 2,242,000 shares of the semiconductor manufacturer’s stock worth $208,842,000 after buying an additional 50,000 shares during the last quarter. Lbmc Investment Advisors LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $231,000. Merlin Capital LLC bought a new position in Micron Technology during the 4th quarter worth approximately $861,000. Psagot Value Holdings Ltd. Israel grew its holdings in Micron Technology by 36.9% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 41,490 shares of the semiconductor manufacturer’s stock valued at $124,000 after purchasing an additional 11,190 shares during the period. Finally, Evergreen Capital Management LLC increased its stake in Micron Technology by 18.4% in the fourth quarter. Evergreen Capital Management LLC now owns 5,491 shares of the semiconductor manufacturer’s stock valued at $511,000 after purchasing an additional 852 shares in the last quarter. Institutional investors own 76.07% of the company’s stock.

About Micron Technology (NASDAQ:MU)

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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