Micron Technology (NASDAQ:MU) Downgraded to Hold Rating by China Renaissance

Micron Technology (NASDAQ:MU) was downgraded by stock analysts at China Renaissance from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Finviz reports. They presently have a $84.00 target price on the semiconductor manufacturer’s stock. China Renaissance’s price objective suggests a potential downside of 10.81% from the company’s previous close.

A number of other brokerages have also recently issued reports on MU. Wedbush reiterated an “outperform” rating and issued a $125.00 price objective on shares of Micron Technology in a report on Monday, March 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. Needham & Company LLC cut their price objective on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Barclays upped their target price on Micron Technology from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Finally, Robert W. Baird lifted their price target on shares of Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $129.96.

Micron Technology Stock Down 2.8 %

MU stock opened at $94.18 on Wednesday. The company has a 50 day moving average of $96.80 and a two-hundred day moving average of $98.45. The company has a market cap of $104.93 billion, a price-to-earnings ratio of 27.14 and a beta of 1.23. Micron Technology has a 12-month low of $83.54 and a 12-month high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. On average, equities analysts anticipate that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently modified their holdings of MU. Vanguard Group Inc. raised its stake in Micron Technology by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock worth $8,403,982,000 after acquiring an additional 888,087 shares in the last quarter. State Street Corp increased its position in shares of Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares in the last quarter. FMR LLC lifted its holdings in Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares during the last quarter. Capital World Investors grew its stake in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after buying an additional 15,993,036 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock worth $2,052,973,000 after buying an additional 726,282 shares in the last quarter. 80.84% of the stock is 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.