Micron Technology (NASDAQ:MU) had its price objective increased by Barclays to $65.00 in a report released on Tuesday morning. They currently have an overweight rating on the semiconductor manufacturer’s stock.
MU has been the topic of a number of other reports. Mizuho reaffirmed a buy rating and issued a $55.00 price objective (up from $50.00) on shares of Micron Technology in a research note on Tuesday, February 6th. Goldman Sachs Group set a $55.00 target price on shares of Micron Technology and gave the stock a buy rating in a research note on Wednesday, February 7th. Cowen set a $53.00 target price on shares of Micron Technology and gave the stock a buy rating in a research note on Wednesday, February 21st. Vetr lowered shares of Micron Technology from a strong-buy rating to a buy rating and set a $53.99 target price on the stock. in a research note on Thursday, March 1st. Finally, Zacks Investment Research raised shares of Micron Technology from a hold rating to a buy rating and set a $60.00 target price on the stock in a research note on Thursday, March 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $66.86.
Shares of Micron Technology opened at $61.35 on Tuesday, MarketBeat.com reports. The company has a market capitalization of $71.31 billion, a PE ratio of 13.91, a PEG ratio of 0.54 and a beta of 1.36. Micron Technology has a 12 month low of $26.85 and a 12 month high of $63.42. The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29.
Micron Technology announced that its Board of Directors has approved a stock buyback plan on Monday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 16.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Micron Technology news, Director Patrick J. Byrne sold 14,360 shares of the stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total transaction of $665,011.60. Following the completion of the transaction, the director now owns 100,299 shares in the company, valued at $4,644,846.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,587 shares of company stock valued at $2,871,752. 0.53% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of MU. Massmutual Trust Co. FSB ADV boosted its position in shares of Micron Technology by 5.0% in the first quarter. Massmutual Trust Co. FSB ADV now owns 19,634 shares of the semiconductor manufacturer’s stock valued at $1,024,000 after acquiring an additional 931 shares during the period. Arete Wealth Advisors LLC boosted its position in shares of Micron Technology by 5.0% in the first quarter. Arete Wealth Advisors LLC now owns 21,652 shares of the semiconductor manufacturer’s stock valued at $1,129,000 after acquiring an additional 1,036 shares during the period. US Bancorp DE boosted its position in shares of Micron Technology by 3.0% in the first quarter. US Bancorp DE now owns 39,934 shares of the semiconductor manufacturer’s stock valued at $2,082,000 after acquiring an additional 1,146 shares during the period. Intrust Bank NA boosted its position in shares of Micron Technology by 9.0% in the fourth quarter. Intrust Bank NA now owns 15,287 shares of the semiconductor manufacturer’s stock valued at $629,000 after acquiring an additional 1,264 shares during the period. Finally, Wetherby Asset Management Inc. boosted its position in shares of Micron Technology by 7.5% in the first quarter. Wetherby Asset Management Inc. now owns 18,245 shares of the semiconductor manufacturer’s stock valued at $952,000 after acquiring an additional 1,271 shares during the period. Hedge funds and other institutional investors own 78.52% of the company’s stock.
About Micron Technology
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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