Micron Technology (MU) Trading Down 6.2% Following Analyst Downgrade
Micron Technology, Inc. (NASDAQ:MU) traded down 6.2% during trading on Wednesday after BidaskClub downgraded the stock from a hold rating to a sell rating. The stock traded as low as $47.14 and last traded at $47.49. 57,284,719 shares were traded during mid-day trading, an increase of 19% from the average session volume of 48,031,848 shares. The stock had previously closed at $50.62.
Several other analysts also recently issued reports on MU. Robert W. Baird boosted their price objective on Micron Technology to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, May 30th. MKM Partners boosted their price objective on Micron Technology to $77.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. ValuEngine cut Micron Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Finally, Cowen lifted their target price on Micron Technology from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, June 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. Micron Technology presently has a consensus rating of “Buy” and an average price target of $71.83.
In related news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the firm’s stock in a transaction dated Friday, July 20th. The stock was sold at an average price of $55.09, for a total value of $2,203,600.00. Following the transaction, the senior vice president now owns 126,990 shares in the company, valued at $6,995,879.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott J. Deboer sold 24,795 shares of the firm’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $62.00, for a total value of $1,537,290.00. Following the completion of the transaction, the executive vice president now owns 128,579 shares in the company, valued at approximately $7,971,898. The disclosure for this sale can be found here. Insiders have sold 164,795 shares of company stock worth $9,141,390 in the last 90 days. Company insiders own 0.53% of the company’s stock.
The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. The company has a market cap of $59.58 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 0.54 and a beta of 1.61.
Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share for the quarter, beating the consensus estimate of $3.13 by $0.02. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The firm had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.76 billion. During the same quarter in the prior year, the firm posted $1.62 earnings per share. The company’s quarterly revenue was up 40.1% on a year-over-year basis. equities research analysts anticipate that Micron Technology, Inc. will post 11.57 earnings per share for the current fiscal year.
Micron Technology announced that its board has approved a share buyback program on Monday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 16.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Micron Technology Company Profile (NASDAQ:MU)
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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