Micron Technology (NASDAQ:MU) Cut to “Neutral” at Bank of America

Micron Technology (NASDAQ:MU) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports. They currently have a $110.00 price target on the semiconductor manufacturer’s stock, down from their prior price target of $125.00. Bank of America‘s price target would indicate a potential upside of 5.87% from the stock’s previous close.

Several other brokerages also recently issued reports on MU. Sanford C. Bernstein reduced their price objective on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday. TD Cowen reduced their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday. Susquehanna lowered their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and reduced their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Wells Fargo & Company lowered their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $141.74.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $103.90 on Thursday. The stock has a fifty day moving average price of $103.85 and a 200 day moving average price of $109.09. Micron Technology has a 1-year low of $78.63 and a 1-year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The company has a market cap of $115.75 billion, a PE ratio of 152.80 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.95) earnings per share. Sell-side analysts forecast that Micron Technology will post 8.31 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

Several large investors have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. raised its stake in shares of Micron Technology by 42.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock worth $434,000 after buying an additional 984 shares in the last quarter. &PARTNERS raised its position in Micron Technology by 15.2% in the second quarter. &PARTNERS now owns 12,364 shares of the semiconductor manufacturer’s stock worth $1,626,000 after acquiring an additional 1,631 shares in the last quarter. Cornerstone Wealth Group LLC lifted its holdings in Micron Technology by 5.6% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock valued at $257,000 after acquiring an additional 103 shares during the last quarter. Premier Path Wealth Partners LLC boosted its position in shares of Micron Technology by 12.1% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 4,688 shares of the semiconductor manufacturer’s stock valued at $617,000 after purchasing an additional 505 shares in the last quarter. Finally, Everhart Financial Group Inc. grew its stake in shares of Micron Technology by 17.2% in the 2nd quarter. Everhart Financial Group Inc. now owns 4,943 shares of the semiconductor manufacturer’s stock worth $650,000 after purchasing an additional 725 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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 comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.