Micron Technology (NASDAQ:MU) Lowered to “Neutral” Rating by Bank of America

Micron Technology (NASDAQ:MU) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Thursday,Briefing.com Automated Import reports. They presently have a $110.00 price objective on the semiconductor manufacturer’s stock, down from their previous price objective of $125.00. Bank of America‘s price target points to a potential upside of 5.87% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Stifel Nicolaus reissued a “buy” rating and set a $135.00 price target on shares of Micron Technology in a research report on Friday, December 13th. UBS Group decreased their price objective on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and lowered their target price for the company from $140.00 to $67.00 in a research note on Thursday, September 12th. Finally, Wedbush reissued an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.74.

Micron Technology Trading Down 4.3 %

Shares of NASDAQ MU opened at $103.90 on Thursday. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology has a 12 month low of $78.63 and a 12 month high of $157.54. The company has a market cap of $115.75 billion, a price-to-earnings ratio of 152.80 and a beta of 1.16. The business has a fifty day simple moving average of $103.85 and a 200-day simple moving average of $109.09.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.95) earnings per share. Sell-side analysts predict that Micron Technology will post 8.31 EPS for the current year.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. raised its holdings in Micron Technology by 42.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock valued at $434,000 after acquiring an additional 984 shares in the last quarter. &PARTNERS increased its position in shares of Micron Technology by 15.2% during the second quarter. &PARTNERS now owns 12,364 shares of the semiconductor manufacturer’s stock valued at $1,626,000 after purchasing an additional 1,631 shares during the period. Cornerstone Wealth Group LLC raised its stake in shares of Micron Technology by 5.6% in the second quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock valued at $257,000 after purchasing an additional 103 shares in the last quarter. Premier Path Wealth Partners LLC boosted its stake in Micron Technology by 12.1% during the second quarter. Premier Path Wealth Partners LLC now owns 4,688 shares of the semiconductor manufacturer’s stock worth $617,000 after buying an additional 505 shares in the last quarter. Finally, Everhart Financial Group Inc. increased its holdings in Micron Technology by 17.2% in the 2nd quarter. Everhart Financial Group Inc. now owns 4,943 shares of the semiconductor manufacturer’s stock valued at $650,000 after buying an additional 725 shares during the period. Institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.