Micron Technology (MU) Given a $50.00 Price Target at Cowen

Cowen set a $50.00 target price on Micron Technology (NASDAQ:MU) in a research note released on Tuesday morning. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities research analysts have also issued reports about the company. Goldman Sachs Group upgraded Micron Technology from a neutral rating to a buy rating and upped their price objective for the company from $33.00 to $40.00 in a research note on Tuesday, September 12th. Susquehanna Bancshares upped their price objective on Micron Technology from $40.00 to $50.00 and gave the company a positive rating in a research note on Tuesday, September 19th. UBS reiterated a buy rating and issued a $53.00 price objective (up from $39.50) on shares of Micron Technology in a research note on Thursday, October 19th. They noted that the move was a valuation call. Deutsche Bank reiterated a buy rating and issued a $37.00 price objective on shares of Micron Technology in a research note on Wednesday, September 6th. Finally, Macquarie reiterated an outperform rating and issued a $38.00 price objective on shares of Micron Technology in a research note on Tuesday, September 12th. 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 assigned a strong buy rating to the stock. Micron Technology has an average rating of Buy and a consensus target price of $48.20.

Shares of Micron Technology (NASDAQ MU) traded up $1.31 on Tuesday, reaching $41.21. The company had a trading volume of 56,540,600 shares, compared to its average volume of 29,805,314. Micron Technology has a 1 year low of $18.58 and a 1 year high of $49.89. 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 company has a market capitalization of $46,014.88, a price-to-earnings ratio of 8.99, a price-to-earnings-growth ratio of 0.54 and a beta of 1.75.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results 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. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The firm had revenue of $6.14 billion for the quarter, compared to analyst estimates of $5.97 billion. During the same period in the previous year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 90.8% compared to the same quarter last year. equities research analysts expect that Micron Technology will post 7.42 earnings per share for the current fiscal year.

In other news, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the stock in a transaction on Friday, September 29th. The stock was sold at an average price of $38.10, for a total value of $4,531,766.40. Following the transaction, the senior vice president now owns 289,940 shares of the company’s stock, valued at approximately $11,046,714. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $41.38, for a total value of $124,140.00. Following the completion of the transaction, the director now directly owns 116,699 shares in the company, valued at approximately $4,829,004.62. The disclosure for this sale can be found here. In the last three months, insiders sold 308,088 shares of company stock worth $11,852,538. 0.69% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Schroder Investment Management Group raised its stake in Micron Technology by 16.3% during the 2nd quarter. Schroder Investment Management Group now owns 1,652,878 shares of the semiconductor manufacturer’s stock worth $52,016,000 after buying an additional 232,083 shares during the period. Swiss National Bank raised its stake in Micron Technology by 1.3% during the 3rd quarter. Swiss National Bank now owns 3,874,503 shares of the semiconductor manufacturer’s stock worth $152,384,000 after buying an additional 49,200 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Micron Technology by 8.0% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 44,928 shares of the semiconductor manufacturer’s stock worth $1,342,000 after buying an additional 3,317 shares during the period. LMR Partners LLP raised its stake in Micron Technology by 6.9% during the 3rd quarter. LMR Partners LLP now owns 27,653 shares of the semiconductor manufacturer’s stock worth $1,088,000 after buying an additional 1,776 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Micron Technology by 4.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,627,678 shares of the semiconductor manufacturer’s stock worth $108,322,000 after buying an additional 140,996 shares during the period. 81.16% of the stock is currently owned by institutional investors.

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