Micron Technology’s (MU) “Buy” Rating Reaffirmed at Instinet

Micron Technology’s (MU) “Buy” Rating Reaffirmed at Instinet

Instinet reiterated their buy rating on shares of Micron Technology Inc. (NASDAQ:MU) in a research report released on Monday morning. The firm currently has a $28.00 price objective on the semiconductor manufacturer’s stock, up from their previous price objective of $25.00.

A number of other equities analysts have also recently issued reports on MU. Susquehanna reissued a positive rating and issued a $25.00 target price (up from $24.00) on shares of Micron Technology in a report on Friday. Brean Capital increased their target price on Micron Technology from $23.00 to $25.00 and gave the stock a buy rating in a report on Monday, December 5th. Loop Capital assumed coverage on Micron Technology in a report on Tuesday, December 13th. They issued a hold rating and a $25.00 target price for the company. Robert W. Baird reissued an outperform rating and issued a $25.00 target price (up from $22.00) on shares of Micron Technology in a report on Friday. Finally, Wells Fargo & Co. reissued an outperform rating and issued a $27.50 target price (up from $22.00) on shares of Micron Technology in a report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $21.94.

Shares of Micron Technology (NASDAQ:MU) opened at 23.26 on Monday. Micron Technology has a one year low of $9.31 and a one year high of $23.49. The firm’s market cap is $24.19 billion. The stock has a 50 day moving average price of $19.41 and a 200 day moving average price of $16.29.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 21st. The semiconductor manufacturer reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.04. Micron Technology had a positive return on equity of 0.81% and a negative net margin of 2.32%. The business earned $3.97 billion during the quarter. During the same period in the previous year, the company posted $0.24 earnings per share. The company’s quarterly revenue was up 18.5% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology will post $2.42 EPS for the current year.

In related news, VP Steven L. Thorsen, Jr. sold 63,000 shares of the company’s stock in a transaction dated Tuesday, October 25th. The stock was sold at an average price of $17.58, for a total transaction of $1,107,540.00. Following the sale, the vice president now owns 358,690 shares in the company, valued at $6,305,770.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP April S. Arnzen sold 11,424 shares of the company’s stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $17.72, for a total value of $202,433.28. Following the sale, the vice president now owns 39,993 shares in the company, valued at approximately $708,675.96. The disclosure for this sale can be found here. 0.69% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. ETRADE Capital Management LLC bought a new stake in Micron Technology during the third quarter valued at about $656,000. D.A. Davidson & CO. raised its stake in Micron Technology by 1.5% in the third quarter. D.A. Davidson & CO. now owns 526,861 shares of the semiconductor manufacturer’s stock valued at $9,367,000 after buying an additional 7,842 shares during the last quarter. Scout Investments Inc. raised its stake in Micron Technology by 25.0% in the third quarter. Scout Investments Inc. now owns 1,580,801 shares of the semiconductor manufacturer’s stock valued at $28,107,000 after buying an additional 315,718 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its stake in Micron Technology by 308.8% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 1,938,920 shares of the semiconductor manufacturer’s stock valued at $34,472,000 after buying an additional 1,464,585 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Micron Technology by 13.0% in the third quarter. Ameritas Investment Partners Inc. now owns 43,472 shares of the semiconductor manufacturer’s stock valued at $773,000 after buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 79.60% of the company’s stock.

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