Micron Technology (MU) Price Target Raised to $55.00 at Morgan Stanley

Micron Technology (NASDAQ:MU) had its target price lifted by equities research analysts at Morgan Stanley from $39.00 to $55.00 in a note issued to investors on Monday, November 27th, MarketBeat.com reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target suggests a potential upside of 33.46% from the stock’s current price.

MU has been the topic of a number of other research reports. Vetr downgraded shares of Micron Technology from a “buy” rating to a “hold” rating and set a $47.81 price target on the stock. in a research note on Friday, November 17th. Deutsche Bank reissued a “buy” rating and issued a $42.00 target price (up previously from $37.00) on shares of Micron Technology in a research note on Wednesday, September 20th. Needham & Company LLC reissued a “buy” rating on shares of Micron Technology in a research note on Wednesday, September 27th. J P Morgan Chase & Co raised their target price on shares of Micron Technology from $50.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, November 10th. Finally, Loop Capital reissued a “buy” rating and issued a $46.00 target price (up previously from $40.00) on shares of Micron Technology in a research note on Thursday, September 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty have given a buy rating and two have given a strong buy rating to the stock. Micron Technology has a consensus rating of “Buy” and a consensus target price of $48.20.

Shares of Micron Technology (NASDAQ MU) traded up $1.31 on Monday, hitting $41.21. 56,540,600 shares of the company traded hands, compared to its average volume of 29,805,314. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $46,014.88, a P/E ratio of 8.99, a price-to-earnings-growth ratio of 0.54 and a beta of 1.75. Micron Technology has a fifty-two week low of $18.58 and a fifty-two week high of $49.89.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.18. The business had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The company’s quarterly revenue was up 90.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. equities research analysts expect that Micron Technology will post 7.42 earnings per share for the current fiscal year.

In other Micron Technology news, EVP Scott J. Deboer sold 29,500 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $35.00, for a total transaction of $1,032,500.00. Following the sale, the executive vice president now directly owns 169,732 shares in the company, valued at approximately $5,940,620. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $39.86, for a total transaction of $119,580.00. Following the sale, the director now owns 114,284 shares in the company, valued at $4,555,360.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 308,088 shares of company stock worth $11,852,538. 0.69% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the business. BB&T Corp grew its stake in shares of Micron Technology by 11.6% in the 2nd quarter. BB&T Corp now owns 17,169 shares of the semiconductor manufacturer’s stock worth $513,000 after purchasing an additional 1,787 shares during the last quarter. Regentatlantic Capital LLC purchased a new position in shares of Micron Technology in the second quarter worth approximately $256,000. IBM Retirement Fund increased its position in shares of Micron Technology by 122.7% in the second quarter. IBM Retirement Fund now owns 25,710 shares of the semiconductor manufacturer’s stock worth $857,000 after acquiring an additional 14,166 shares in the last quarter. Harbour Capital Advisors LLC increased its position in shares of Micron Technology by 1,082.9% in the second quarter. Harbour Capital Advisors LLC now owns 12,243 shares of the semiconductor manufacturer’s stock worth $410,000 after acquiring an additional 11,208 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its position in shares of Micron Technology by 6.7% in the second quarter. Great West Life Assurance Co. Can now owns 894,527 shares of the semiconductor manufacturer’s stock worth $26,679,000 after acquiring an additional 55,984 shares in the last quarter. Institutional investors own 81.16% of the company’s stock.

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