Today, Micron Technology Inc. (MU) Stock Rating Reaffirmed by Wells Fargo & Co.

Today, Micron Technology Inc. (MU) Stock Rating Reaffirmed by Wells Fargo & Co.

Micron Technology Inc. (NASDAQ:MU)‘s stock had its “outperform” rating restated by equities researchers at Wells Fargo & Co. in a report released on Wednesday. They currently have a $22.00 price objective on the semiconductor manufacturer’s stock. Wells Fargo & Co.’s price target indicates a potential upside of 24.08% from the company’s previous close.

A number of other research firms have also issued reports on MU. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Micron Technology in a research note on Tuesday. Bank of America Corp. set a $9.00 target price on Micron Technology and gave the company a “sell” rating in a research note on Tuesday. Goldman Sachs Group Inc. reduced their target price on Micron Technology from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday. Stifel Nicolaus reissued a “buy” rating and set a $22.00 price target (up previously from $20.00) on shares of Micron Technology in a research note on Wednesday. Finally, Morgan Stanley reissued an “overweight” rating and set a $20.00 price target on shares of Micron Technology in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $18.35.

Micron Technology (NASDAQ:MU) opened at 17.73 on Wednesday. The stock has a market capitalization of $18.41 billion, a price-to-earnings ratio of 50.95 and a beta of 1.77. The company has a 50-day moving average price of $17.03 and a 200-day moving average price of $13.29. Micron Technology has a 12-month low of $9.31 and a 12-month high of $19.30.

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, beating analysts’ consensus estimates of ($0.17) by $0.12. Micron Technology had a positive return on equity of 0.50% and a negative net margin of 2.23%. The firm had revenue of $3.22 billion for the quarter. During the same period in the previous year, the company posted $0.37 EPS. Micron Technology’s quarterly revenue was down 10.6% compared to the same quarter last year. On average, equities research analysts forecast 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 Micron Technology stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $17.72, for a total transaction of $202,433.28. Following the completion of the sale, the vice president now owns 39,993 shares of the company’s stock, valued at approximately $708,675.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Brian Shirley sold 90,014 shares of Micron Technology stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $17.84, for a total transaction of $1,605,849.76. Following the sale, the vice president now directly owns 397,264 shares of the company’s stock, valued at approximately $7,087,189.76. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the stock. Aperio Group LLC raised its stake in shares of Micron Technology by 31.8% in the first quarter. Aperio Group LLC now owns 317,043 shares of the semiconductor manufacturer’s stock worth $3,319,000 after buying an additional 76,525 shares during the period. Nisa Investment Advisors L.L.C. raised its stake in shares of Micron Technology by 62.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 241,089 shares of the semiconductor manufacturer’s stock worth $2,524,000 after buying an additional 93,100 shares during the period. IFP Advisors Inc raised its stake in shares of Micron Technology by 20.3% in the first quarter. IFP Advisors Inc now owns 28,908 shares of the semiconductor manufacturer’s stock worth $303,000 after buying an additional 4,873 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Micron Technology by 221.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 37,112 shares of the semiconductor manufacturer’s stock worth $389,000 after buying an additional 25,560 shares during the period. Finally, Teachers Advisors Inc. raised its stake in shares of Micron Technology by 7.4% in the first quarter. Teachers Advisors Inc. now owns 1,884,026 shares of the semiconductor manufacturer’s stock worth $19,726,000 after buying an additional 130,247 shares during the period. 81.42% of the stock is owned by institutional investors.

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