Morgan Stanley Lowers Micron Technology (NASDAQ:MU) Price Target to $98.00

Micron Technology (NASDAQ:MU) had its price target reduced by stock analysts at Morgan Stanley from $114.00 to $98.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective would suggest a potential upside of 8.74% from the stock’s current price.

A number of other equities analysts also recently commented on MU. Wedbush reiterated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research note on Tuesday. TD Cowen lowered their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday. Robert W. Baird cut their target price on Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Finally, Sanford C. Bernstein dropped their price target 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $132.26.

Micron Technology Price Performance

MU stock opened at $90.12 on Thursday. Micron Technology has a 1 year low of $79.15 and a 1 year high of $157.54. The firm has a market capitalization of $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16. 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 business’s 50-day moving average is $103.14 and its two-hundred day moving average is $108.67.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter last year, the company earned ($0.95) earnings per share. The firm’s revenue was up 84.3% compared to the same quarter last year. Analysts anticipate that Micron Technology will post 8.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % 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 large investors have recently modified their holdings of the business. Hennion & Walsh Asset Management Inc. raised its position in Micron Technology by 42.5% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock worth $434,000 after acquiring an additional 984 shares in the last quarter. &PARTNERS boosted its position in shares of Micron Technology by 15.2% during the 2nd quarter. &PARTNERS now owns 12,364 shares of the semiconductor manufacturer’s stock worth $1,626,000 after purchasing an additional 1,631 shares in the last quarter. Cornerstone Wealth Group LLC grew its stake in shares of Micron Technology by 5.6% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock worth $257,000 after purchasing an additional 103 shares during the period. Premier Path Wealth Partners LLC increased its holdings in shares of Micron Technology by 12.1% in 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. lifted its stake in shares of Micron Technology by 17.2% in the second quarter. Everhart Financial Group Inc. now owns 4,943 shares of the semiconductor manufacturer’s stock valued at $650,000 after purchasing an additional 725 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile

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.