Micron Technology (NASDAQ:MU) Hits New 52-Week High at $56.84

Micron Technology, Inc. (NASDAQ:MU)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $56.84 and last traded at $56.70, with a volume of 9215253 shares. The stock had previously closed at $53.57.

MU has been the topic of several research reports. Needham & Company LLC upped their price objective on shares of Micron Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Piper Jaffray Companies increased their target price on Micron Technology from $46.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, December 19th. Wells Fargo & Co lifted their price target on shares of Micron Technology from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, December 19th. Citigroup boosted their price target on shares of Micron Technology from $35.00 to $38.00 and gave the company a “sell” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Micron Technology in a research note on Thursday, December 19th. Five analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $61.24.

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 1.78. The company has a market capitalization of $62.98 billion, a price-to-earnings ratio of 9.25 and a beta of 1.98. The firm has a 50-day moving average price of $50.56 and a two-hundred day moving average price of $46.09.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.01. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The firm had revenue of $5.14 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the business posted $2.97 EPS. The business’s quarterly revenue was down 35.0% compared to the same quarter last year. On average, equities analysts predict that Micron Technology, Inc. will post 2.09 EPS for the current year.

In related news, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $55.00, for a total transaction of $1,100,000.00. Following the completion of the transaction, the executive vice president now directly owns 148,368 shares of the company’s stock, valued at $8,160,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick J. Byrne sold 23,264 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $43.27, for a total value of $1,006,633.28. Following the completion of the transaction, the director now owns 97,739 shares of the company’s stock, valued at $4,229,166.53. The disclosure for this sale can be found here. Insiders sold 52,050 shares of company stock worth $2,516,430 over the last quarter. 0.18% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in MU. Cornerstone Advisors Inc. boosted its holdings in Micron Technology by 22.3% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,251 shares of the semiconductor manufacturer’s stock worth $54,000 after buying an additional 228 shares during the last quarter. Private Capital Group LLC grew its position in Micron Technology by 17.2% in the second quarter. Private Capital Group LLC now owns 1,803 shares of the semiconductor manufacturer’s stock worth $95,000 after acquiring an additional 265 shares during the period. Traynor Capital Management Inc. increased its stake in Micron Technology by 1.7% during the third quarter. Traynor Capital Management Inc. now owns 16,026 shares of the semiconductor manufacturer’s stock worth $686,000 after acquiring an additional 268 shares during the last quarter. Lido Advisors LLC increased its stake in Micron Technology by 1.2% during the second quarter. Lido Advisors LLC now owns 25,822 shares of the semiconductor manufacturer’s stock worth $996,000 after acquiring an additional 317 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Micron Technology by 40.9% in the third quarter. Parkside Financial Bank & Trust now owns 1,272 shares of the semiconductor manufacturer’s stock valued at $55,000 after purchasing an additional 369 shares during the period. Institutional investors own 77.30% of the company’s stock.

About Micron Technology (NASDAQ:MU)

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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