Mizuho Cuts Micron Technology (NASDAQ:MU) Price Target to $115.00

Micron Technology (NASDAQ:MU) had its price target lowered by equities researchers at Mizuho from $135.00 to $115.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor manufacturer’s stock. Mizuho’s target price suggests a potential upside of 27.61% from the company’s current price.

Several other research analysts also recently issued reports on MU. Citigroup cut their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Raymond James boosted their price target on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Micron Technology in a research note on Wednesday. Needham & Company LLC cut their target price on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday. Finally, UBS Group decreased their price target on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.26.

Micron Technology Stock Up 3.5 %

Micron Technology stock opened at $90.12 on Thursday. Micron Technology has a fifty-two week low of $79.15 and a fifty-two week high of $157.54. The firm has a market capitalization of $100.40 billion, a price-to-earnings ratio of 132.53 and a beta of 1.16. The stock’s fifty day moving average is $103.14 and its two-hundred day moving average is $108.67. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last issued 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 firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.95) EPS. Analysts predict that Micron Technology will post 8.31 EPS for the current fiscal year.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

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

About Micron Technology

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.