Micron Technology (NASDAQ:MU) Cut to Hold at Deutsche Bank Aktiengesellschaft
Micron Technology (NASDAQ:MU - Get Rating) was downgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Monday, The Fly reports.
A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Micron Technology from $80.00 to $65.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 27th. Exane BNP Paribas began coverage on Micron Technology in a report on Tuesday, September 13th. They issued an "outperform" rating and a $75.00 price objective for the company. Bank of America lowered their target price on Micron Technology from $62.00 to $58.00 and set a "neutral" rating on the stock in a research note on Friday, September 30th. BNP Paribas started coverage on Micron Technology in a research report on Tuesday, September 13th. They set an "outperform" rating and a $75.00 price target for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Micron Technology from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, December 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $69.72.
Micron Technology Stock Down 0.6 %
NASDAQ:MU opened at $54.87 on Monday. The company has a current ratio of 2.89, a quick ratio of 2.01 and a debt-to-equity ratio of 0.14. Micron Technology has a twelve month low of $48.45 and a twelve month high of $98.45. The company has a market cap of $59.86 billion, a PE ratio of 7.10 and a beta of 1.28. The company's 50 day moving average is $55.69 and its two-hundred day moving average is $58.12.
Micron Technology (NASDAQ:MU - Get Rating) last announced its quarterly earnings data on Thursday, September 29th. The semiconductor manufacturer reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.29 by $0.07. The firm had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.78 billion. Micron Technology had a net margin of 28.24% and a return on equity of 18.75%. The business's quarterly revenue was down 19.7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.37 earnings per share. Analysts anticipate that Micron Technology will post -0.75 EPS for the current year.
Hedge Funds Weigh In On Micron Technology
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Penobscot Wealth Management increased its stake in Micron Technology by 1.5% during the 2nd quarter. Penobscot Wealth Management now owns 11,475 shares of the semiconductor manufacturer's stock worth $634,000 after buying an additional 167 shares during the period. Stonebridge Capital Advisors LLC lifted its stake in shares of Micron Technology by 6.6% in the first quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer's stock worth $210,000 after acquiring an additional 168 shares in the last quarter. X Square Capital LLC boosted its holdings in Micron Technology by 0.3% in the second quarter. X Square Capital LLC now owns 59,283 shares of the semiconductor manufacturer's stock valued at $3,277,000 after purchasing an additional 170 shares during the last quarter. Meridian Wealth Advisors LLC grew its stake in Micron Technology by 4.7% during the 1st quarter. Meridian Wealth Advisors LLC now owns 3,865 shares of the semiconductor manufacturer's stock valued at $301,000 after purchasing an additional 175 shares in the last quarter. Finally, Gradient Investments LLC increased its holdings in Micron Technology by 22.4% during the 1st quarter. Gradient Investments LLC now owns 983 shares of the semiconductor manufacturer's stock worth $77,000 after purchasing an additional 180 shares during the last quarter. Institutional investors and hedge funds own 79.66% of the company's stock.
About Micron Technology
Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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