Micron Technology (NASDAQ:MU) Stock Rating Upgraded by Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Micron Technology (NASDAQ:MU – Get Rating) from a market perform rating to an outperform rating in a report published on Wednesday morning, Marketbeat.com reports. They currently have $94.00 price objective on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently issued reports on MU. Raymond James upped their price objective on shares of Micron Technology from $100.00 to $115.00 and gave the company a strong-buy rating in a research note on Tuesday, December 21st. BMO Capital Markets started coverage on shares of Micron Technology in a research note on Tuesday, December 21st. They issued a buy rating and a $115.00 price objective for the company. Bank of America upped their price objective on shares of Micron Technology from $100.00 to $118.00 and gave the company a buy rating in a research note on Monday, January 10th. Cowen upped their price objective on shares of Micron Technology from $80.00 to $99.00 and gave the company an outperform rating in a research note on Monday, December 6th. Finally, Morgan Stanley upped their price objective on shares of Micron Technology from $75.00 to $77.00 and gave the company an equal weight rating in a research note on Tuesday, December 21st. Five research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of Buy and a consensus price target of $113.54.

MU stock opened at $79.67 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.10 and a quick ratio of 2.36. Micron Technology has a one year low of $65.67 and a one year high of $98.45. The stock has a market cap of $89.21 billion, a PE ratio of 12.15, a P/E/G ratio of 0.35 and a beta of 1.17. The firm has a 50 day simple moving average of $86.67 and a two-hundred day simple moving average of $80.75.

Micron Technology (NASDAQ:MU – Get Rating) last released its quarterly earnings results on Monday, December 20th. The semiconductor manufacturer reported $2.16 EPS for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.05. Micron Technology had a net margin of 24.86% and a return on equity of 19.01%. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.68 billion. During the same quarter in the previous year, the company earned $0.71 EPS. The business’s quarterly revenue was up 33.2% compared to the same quarter last year. On average, research analysts expect that Micron Technology will post 8.67 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 18th. Investors of record on Monday, January 3rd were paid a $0.10 dividend. The ex-dividend date was Friday, December 31st. This represents a $0.40 annualized dividend and a dividend yield of 0.50%. Micron Technology’s payout ratio is 6.17%.

In related news, SVP April S. Arnzen sold 8,300 shares of the stock in a transaction dated Monday, December 20th. The shares were sold at an average price of $82.09, for a total transaction of $681,347.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 97,107 shares of the stock in a transaction dated Friday, January 14th. The shares were sold at an average price of $96.02, for a total transaction of $9,324,214.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 240,673 shares of company stock valued at $22,973,742. 0.32% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in MU. Capital World Investors boosted its holdings in shares of Micron Technology by 84.5% during the 4th quarter. Capital World Investors now owns 27,419,458 shares of the semiconductor manufacturer’s stock valued at $2,554,123,000 after acquiring an additional 12,554,989 shares during the last quarter. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter valued at about $1,052,794,000. Capital Research Global Investors boosted its holdings in shares of Micron Technology by 38.8% during the 3rd quarter. Capital Research Global Investors now owns 24,545,270 shares of the semiconductor manufacturer’s stock valued at $1,742,232,000 after acquiring an additional 6,862,615 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Micron Technology by 558.6% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,777,963 shares of the semiconductor manufacturer’s stock valued at $636,395,000 after acquiring an additional 5,748,883 shares during the last quarter. Finally, Sanders Capital LLC boosted its holdings in shares of Micron Technology by 9.5% during the 3rd quarter. Sanders Capital LLC now owns 40,391,375 shares of the semiconductor manufacturer’s stock valued at $3,138,904,000 after acquiring an additional 3,492,076 shares during the last quarter. 76.07% of the stock is currently owned by hedge funds and other institutional investors.

About Micron Technology (Get Rating)

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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