Micron Technology (NASDAQ:MU) Price Target Raised to $53.00

Micron Technology (NASDAQ:MU) had its price target increased by Cowen from $50.00 to $53.00 in a research report report published on Wednesday, December 20th, MarketBeat Ratings reports. Cowen currently has an outperform rating on the semiconductor manufacturer’s stock.

MU has been the topic of a number of other research reports. Vetr lowered Micron Technology from a buy rating to a hold rating and set a $47.81 price objective on the stock. in a research note on Friday, November 17th. Deutsche Bank restated a buy rating and set a $42.00 price objective (up previously from $37.00) on shares of Micron Technology in a research note on Wednesday, September 20th. Needham & Company LLC restated a buy rating on shares of Micron Technology in a research note on Wednesday, September 27th. BidaskClub lowered Micron Technology from a buy rating to a hold rating in a research note on Thursday, December 14th. Finally, JPMorgan Chase & Co. lifted their price target on Micron Technology from $50.00 to $55.00 and gave the company an overweight rating in a research note on Friday, November 10th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $55.33.

Micron Technology (MU) opened at $42.81 on Wednesday. Micron Technology has a 52 week low of $21.49 and a 52 week high of $49.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39. The firm has a market capitalization of $49,500.00, a P/E ratio of 6.74, a PEG ratio of 0.47 and a beta of 1.75.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 EPS for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The firm had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.43 billion. During the same quarter last year, the company earned $0.32 EPS. The company’s revenue was up 71.4% on a year-over-year basis. research analysts expect that Micron Technology will post 9.78 EPS for the current year.

In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $42.40, for a total transaction of $2,583,050.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $44.55, for a total value of $133,650.00. Following the transaction, the director now directly owns 117,299 shares in the company, valued at $5,225,670.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 188,720 shares of company stock worth $8,046,240. 0.53% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. First Citizens Bank & Trust Co. raised its position in shares of Micron Technology by 6.3% in the 4th quarter. First Citizens Bank & Trust Co. now owns 26,876 shares of the semiconductor manufacturer’s stock worth $1,105,000 after acquiring an additional 1,587 shares in the last quarter. DnB Asset Management AS raised its position in shares of Micron Technology by 3.7% in the 4th quarter. DnB Asset Management AS now owns 2,618,222 shares of the semiconductor manufacturer’s stock worth $107,661,000 after acquiring an additional 93,230 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd bought a new position in shares of Micron Technology in the 4th quarter worth about $6,571,000. Prudential Financial Inc. raised its position in shares of Micron Technology by 17.1% in the 3rd quarter. Prudential Financial Inc. now owns 1,775,481 shares of the semiconductor manufacturer’s stock worth $69,830,000 after acquiring an additional 259,557 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Micron Technology by 1.5% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 3,383,098 shares of the semiconductor manufacturer’s stock worth $133,057,000 after acquiring an additional 51,527 shares in the last quarter. 80.89% of the stock is owned by hedge funds and other institutional investors.

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