Micron Technology’s (MU) Buy Rating Reiterated at Mizuho

Mizuho reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a report published on Wednesday. The firm currently has a $38.00 price target on the semiconductor manufacturer’s stock.

Several other research firms also recently weighed in on MU. Needham & Company LLC reiterated a buy rating on shares of Micron Technology in a research report on Thursday, June 8th. Stifel Nicolaus restated a buy rating on shares of Micron Technology in a report on Monday, June 26th. Barclays PLC lifted their price objective on Micron Technology from $35.00 to $40.00 and gave the company an overweight rating in a report on Tuesday, June 27th. Zacks Investment Research upgraded Micron Technology from a hold rating to a buy rating and set a $36.00 price objective for the company in a report on Tuesday, June 27th. Finally, Rosenblatt Securities restated a buy rating on shares of Micron Technology in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $35.65.

Micron Technology (NASDAQ MU) traded up 2.57% during midday trading on Wednesday, reaching $30.38. 31,178,131 shares of the company were exchanged. The company has a 50-day moving average of $29.95 and a 200 day moving average of $28.20. The firm has a market capitalization of $33.72 billion, a PE ratio of 13.34 and a beta of 1.76. Micron Technology has a 52 week low of $15.38 and a 52 week high of $32.96. Micron Technology also saw unusually large options trading on Wednesday. Stock investors purchased 41,784 put options on the company. This represents an increase of 107% compared to the average daily volume of 20,197 put options.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.41 billion. During the same period last year, the company earned ($0.08) earnings per share. The business’s revenue for the quarter was up 92.2% compared to the same quarter last year. Equities analysts predict that Micron Technology will post $4.71 earnings per share for the current year.

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In related news, SVP Brian Shirley sold 27,250 shares of the stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $31.54, for a total transaction of $859,465.00. Following the transaction, the senior vice president now owns 292,211 shares of the company’s stock, valued at approximately $9,216,334.94. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lawrence N. Mondry sold 25,000 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $30.62, for a total value of $765,500.00. Following the transaction, the director now directly owns 177,367 shares in the company, valued at approximately $5,430,977.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,250 shares of company stock valued at $2,207,515. Company insiders own 0.69% of the company’s stock.

A number of institutional investors have recently bought and sold shares of MU. Guardian Life Insurance Co. of America raised its stake in Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after buying an additional 13 shares in the last quarter. Washington Trust Bank raised its stake in Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock worth $126,000 after buying an additional 63 shares in the last quarter. Wetherby Asset Management Inc. raised its stake in Micron Technology by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 15,330 shares of the semiconductor manufacturer’s stock worth $457,000 after buying an additional 154 shares in the last quarter. Neuberger Berman Group LLC raised its stake in Micron Technology by 1.4% in the first quarter. Neuberger Berman Group LLC now owns 12,407 shares of the semiconductor manufacturer’s stock worth $359,000 after buying an additional 170 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Micron Technology by 0.5% in the first quarter. Ameritas Investment Partners Inc. now owns 43,675 shares of the semiconductor manufacturer’s stock worth $1,262,000 after buying an additional 203 shares in the last quarter. 80.36% of the stock is currently owned by hedge funds and other institutional investors.

About Micron Technology

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