BMO Capital Markets Begins Coverage on Micron Technology, Inc. (MU)
BMO Capital Markets initiated coverage on shares of Micron Technology, Inc. (NASDAQ:MU) in a research note published on Monday morning, MarketBeat reports. The brokerage issued a market perform rating and a $43.00 price target on the semiconductor manufacturer’s stock.
MU has been the topic of several other reports. Credit Suisse Group reaffirmed a buy rating on shares of Micron Technology in a research note on Sunday, July 2nd. Needham & Company LLC reiterated a buy rating on shares of Micron Technology in a report on Thursday, June 8th. Deutsche Bank AG lifted their price target on shares of Micron Technology from $35.00 to $37.00 and gave the company a buy rating in a report on Friday, June 30th. J P Morgan Chase & Co reiterated a buy rating on shares of Micron Technology in a report on Tuesday, August 29th. Finally, Mizuho reiterated a buy rating and issued a $35.00 price target on shares of Micron Technology in a report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. Micron Technology currently has an average rating of Buy and a consensus target price of $44.41.
Shares of Micron Technology (NASDAQ MU) opened at 39.56 on Monday. The stock has a 50 day moving average of $33.83 and a 200-day moving average of $30.45. Micron Technology has a 1-year low of $16.17 and a 1-year high of $40.54. The company has a market capitalization of $43.91 billion, a price-to-earnings ratio of 17.37 and a beta of 1.82.
Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, topping the consensus estimate of $1.84 by $0.18. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The company had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.97 billion. During the same period in the previous year, the firm earned ($0.01) earnings per share. The firm’s revenue for the quarter was up 90.8% on a year-over-year basis. Analysts forecast that Micron Technology will post $7.55 earnings per share for the current year.
In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $39.86, for a total value of $119,580.00. Following the completion of the transaction, the director now directly owns 114,284 shares in the company, valued at approximately $4,555,360.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ernest E. Maddock purchased 3,400 shares of the company’s stock in a transaction on Friday, August 11th. The stock was acquired at an average price of $27.89 per share, with a total value of $94,826.00. Following the completion of the purchase, the chief financial officer now directly owns 192,385 shares in the company, valued at $5,365,617.65. The disclosure for this purchase can be found here. Insiders sold a total of 314,715 shares of company stock valued at $11,480,040 over the last 90 days. 0.69% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of MU. Vantage Financial Partners Ltd. Inc. bought a new position in shares of Micron Technology during the 2nd quarter valued at approximately $500,000. IHT Wealth Management LLC bought a new position in shares of Micron Technology during the 2nd quarter valued at approximately $1,056,000. Wynnefield Capital Inc. bought a new position in shares of Micron Technology during the 1st quarter valued at approximately $13,519,000. Captrust Financial Advisors bought a new position in shares of Micron Technology during the 2nd quarter valued at approximately $107,000. Finally, Guardian Life Insurance Co. of America boosted its position in shares of Micron Technology by 0.3% during the 1st quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after acquiring an additional 13 shares during the last quarter. Institutional investors and hedge funds own 79.32% of the company’s stock.
About Micron Technology
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