The Micron Technology Inc. (MU) Stock Rating Reaffirmed by Needham & Company LLC

The Micron Technology Inc. (MU) Stock Rating Reaffirmed by Needham & Company LLC

Micron Technology Inc. (NASDAQ:MU)‘s stock had its “underperform” rating restated by equities researchers at Needham & Company LLC in a report released on Friday.

A number of other equities analysts have also commented on MU. Sterne Agee CRT reissued a “positive” rating and issued a $18.00 price target on shares of Micron Technology in a report on Thursday, June 9th. Morgan Stanley reissued a “buy” rating on shares of Micron Technology in a report on Friday, June 10th. Bank of America Corp. reissued a “sell” rating on shares of Micron Technology in a report on Friday, June 10th. Robert W. Baird reissued a “buy” rating and issued a $18.00 price target on shares of Micron Technology in a report on Friday, June 17th. Finally, Nomura raised shares of Micron Technology from a “reduce” rating to a “buy” rating and increased their price target for the stock from $8.00 to $18.00 in a report on Wednesday, June 22nd. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. Micron Technology currently has a consensus rating of “Buy” and a consensus price target of $18.35.

Micron Technology (NASDAQ:MU) traded down 0.68% during trading on Friday, reaching $17.61. 23,839,498 shares of the company traded hands. The firm’s 50 day moving average price is $17.03 and its 200 day moving average price is $13.29. Micron Technology has a 12-month low of $9.31 and a 12-month high of $19.30. The firm’s market capitalization is $18.26 billion.

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Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.12. Micron Technology had a negative net margin of 2.23% and a positive return on equity of 0.50%. The business had revenue of $3.22 billion for the quarter. During the same quarter in the prior year, the company earned $0.37 earnings per share. The business’s revenue for the quarter was down 10.6% compared to the same quarter last year. Equities research analysts expect that Micron Technology will post $1.12 earnings per share for the current year.

In other Micron Technology news, VP April S. Arnzen sold 11,424 shares of the stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $17.72, for a total transaction of $202,433.28. Following the transaction, the vice president now directly owns 39,993 shares in the company, valued at approximately $708,675.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Brian Shirley sold 90,014 shares of the stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $17.84, for a total transaction of $1,605,849.76. Following the transaction, the vice president now owns 397,264 shares in the company, valued at $7,087,189.76. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Credit Capital Investments LLC boosted its position in shares of Micron Technology by 1,102.1% in the second quarter. Credit Capital Investments LLC now owns 10,526,400 shares of the semiconductor manufacturer’s stock valued at $10,526,000 after buying an additional 9,650,700 shares during the last quarter. Standard Life Investments LTD acquired a new position in shares of Micron Technology during the second quarter valued at about $89,591,000. CI Investments Inc. acquired a new position in shares of Micron Technology during the second quarter valued at about $86,285,000. Primecap Management Co. CA boosted its position in shares of Micron Technology by 11.6% in the first quarter. Primecap Management Co. CA now owns 57,143,016 shares of the semiconductor manufacturer’s stock valued at $598,287,000 after buying an additional 5,961,872 shares during the last quarter. Finally, Natixis boosted its position in shares of Micron Technology by 90.7% in the first quarter. Natixis now owns 6,019,111 shares of the semiconductor manufacturer’s stock valued at $63,020,000 after buying an additional 2,862,897 shares during the last quarter. Institutional investors own 81.42% of the company’s stock.

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