BidaskClub Downgrades Micron Technology (MU) to Hold

Micron Technology (NASDAQ:MU) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Thursday.

Several other research firms have also recently weighed in on MU. Goldman Sachs Group upgraded shares of Micron Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a research report on Tuesday, September 12th. Susquehanna Bancshares lifted their price objective on shares of Micron Technology from $40.00 to $50.00 and gave the stock a “positive” rating in a research report on Tuesday, September 19th. UBS reiterated a “buy” rating and set a $53.00 price objective (up from $39.50) on shares of Micron Technology in a research report on Thursday, October 19th. They noted that the move was a valuation call. Macquarie reiterated an “outperform” rating and set a $38.00 price objective on shares of Micron Technology in a research report on Tuesday, September 12th. Finally, Deutsche Bank reiterated a “buy” rating and set a $37.00 price objective on shares of Micron Technology in a research report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $48.26.

Micron Technology (NASDAQ:MU) opened at $42.40 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.34 and a quick ratio of 1.75. The stock has a market cap of $48,883.46, a P/E ratio of 9.51, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. Micron Technology has a 12-month low of $20.19 and a 12-month high of $49.89.

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

In related news, insider Joel L. Poppen sold 80,000 shares of Micron Technology stock in a transaction on Friday, September 29th. The shares were sold at an average price of $38.61, for a total value of $3,088,800.00. Following the completion of the sale, the insider now owns 266,966 shares of the company’s stock, valued at approximately $10,307,557.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of Micron Technology stock in a transaction on Friday, September 29th. The shares were sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the completion of the sale, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at approximately $11,046,714. The disclosure for this sale can be found here. Insiders have sold a total of 268,588 shares of company stock valued at $10,480,038 in the last three months. Company insiders own 0.53% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. SevenBridge Financial Group LLC lifted its stake in shares of Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after purchasing an additional 1,190 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Micron Technology in the 2nd quarter valued at $107,000. Salem Investment Counselors Inc. lifted its stake in shares of Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after purchasing an additional 1,252 shares during the last quarter. Jacobi Capital Management LLC lifted its stake in shares of Micron Technology by 368.8% in the 3rd quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock valued at $135,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Krilogy Financial LLC lifted its stake in shares of Micron Technology by 1,087.5% in the 2nd quarter. Krilogy Financial LLC now owns 4,750 shares of the semiconductor manufacturer’s stock valued at $142,000 after purchasing an additional 4,350 shares during the last quarter. 81.16% of the stock is owned by institutional investors and hedge funds.

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