Micron Technology (NASDAQ:MU) PT Raised to $165.00 at KeyCorp

Micron Technology (NASDAQ:MU) had its target price lifted by analysts at KeyCorp from $160.00 to $165.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. KeyCorp’s price objective indicates a potential upside of 20.98% from the stock’s current price.

A number of other brokerages also recently weighed in on MU. TD Cowen boosted their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Wells Fargo & Company upped their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Raymond James upped their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Finally, Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a report on Thursday, March 21st. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $158.72.

Micron Technology Stock Performance

Shares of MU stock opened at $136.39 on Tuesday. The firm has a market capitalization of $151.23 billion, a PE ratio of -96.05 and a beta of 1.18. The firm has a fifty day simple moving average of $131.48 and a two-hundred day simple moving average of $109.14. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. Micron Technology has a 12 month low of $61.75 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.57) EPS. Analysts forecast that Micron Technology will post 0.58 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total transaction of $844,900.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $86,789,214.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $86,789,214.30. The disclosure for this sale can be found here. Insiders sold 250,730 shares of company stock worth $31,063,449 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MU. Csenge Advisory Group boosted its stake in Micron Technology by 47.0% in the 2nd quarter. Csenge Advisory Group now owns 3,026 shares of the semiconductor manufacturer’s stock worth $398,000 after purchasing an additional 968 shares during the period. Simplicity Wealth LLC boosted its stake in Micron Technology by 4.7% in the 2nd quarter. Simplicity Wealth LLC now owns 47,642 shares of the semiconductor manufacturer’s stock worth $6,266,000 after purchasing an additional 2,123 shares during the period. Dominguez Wealth Management Solutions Inc. bought a new position in Micron Technology in the 2nd quarter worth approximately $204,000. Aprio Wealth Management LLC bought a new position in Micron Technology in the 2nd quarter worth approximately $266,000. Finally, NBC Securities Inc. boosted its stake in Micron Technology by 53.8% in the 2nd quarter. NBC Securities Inc. now owns 23,420 shares of the semiconductor manufacturer’s stock worth $3,080,000 after purchasing an additional 8,191 shares during the period. 80.84% of the stock is currently owned by institutional investors.

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.