Micron Technology (NASDAQ: MU) downgraded from Summit Insights to Hold

Micron Technology (NASDAQ: MU – Get rating) was downgraded by Summit Insights stock analysts from a buy rating to a hold rating in a report released Sunday, The Fly reported.

MU has been the subject of a number of other reports. Wedbush raised Micron Technology from a “neutral” rating to a “superior” rating and raised its target price for the stock from $ 100.00 to $ 120.00 in a research report Monday, Feb. 14. Sanford C. Bernstein upgraded Micron Technology from a “performance” rating to a “superior” rating and set a target price of $ 94.00 for the company in a research note on Wednesday (March 16th). Susquehanna reissued a “buy” rating and issued a target price of $ 115.00 on shares of Micron Technology in a report on Monday, May 16. Morgan Stanley raised its price target for Micron Technology from $ 77.00 to $ 83.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 30. Finally, Rosenblatt Securities reaffirmed its buy rating and set a target price of $ 165.00 on Micron Technology shares in a report on Wednesday (March 30th). One analyst rated the shares with a sell rating, four gave a hold rating, twenty-one gave a buy rating and one issued a strong stock buy rating. According to MarketBeat, the shares currently have a consensus Buy rating and an average target price of $ 113.04.

Shares of NASDAQ: MU traded down $ 3.40 during trading on Friday, reaching $ 62.62. The company had a trading volume of 26,647,545 shares, compared to an average volume of 15,873,960. The company has a market capitalization of $ 69.93 billion, a price / profit ratio of 7.88, a price / profit-growth ratio of 0.21 and a beta of 1.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.11 and a fast ratio of 2.33. The 50-day moving average price was $ 70.70 and the 200-day moving average was $ 80.56. Micron Technology has a fifty-two weekly low of $ 62.28 and a fifty-two week high of $ 98.45.

Micron Technology (NASDAQ: MU – Get Rating) last announced its quarterly earnings data on Tuesday, March 29th. The semiconductor maker reported earnings of $ 2.05 per share for the quarter, beating analysts’ consensus estimates of $ 1.85 by $ 0.20. Micron Technology has a return on equity of 21.15% and a net profit of 28.95%. The company had revenue of $ 7.79 billion for the quarter, compared to analysts’ estimates of $ 7.53 billion. In the same quarter of the previous year, the company reported $ 0.90 earnings per share. Micron Technology’s quarterly revenue increased 25.6% year on year. On average, stock analysts expect Micron Technology to report 9.15 EPS for the current fiscal year.

In other news from Micron Technology, SVP April S. Arnsen sold 5,600 shares of shares in a deal on Thursday, March 24th. The shares were sold at an average price of $ 76.00, for a total value of $ 425,600.00. The sale is revealed in a document submitted to the SEC, which can be accessed through this hyperlink. 0.32% of the shares are currently owned by insiders of the company.

Hedge funds recently bought and sold shares in the company. OLD Mission Capital LLC acquired a new stake in Micron Technology in the third quarter worth $ 251,000. New World Advisors LLC acquired a new stake in Micron Technology in the third quarter worth about $ 339,000. Evergreen Capital Management LLC increased its stake in Micron Technology by 4.9% in the third quarter. Evergreen Capital Management LLC already owns 4,639 shares of the semiconductor maker’s stock worth $ 329,000 after acquiring an additional 218 shares in the last quarter. Claraphi Advisory Network LLC increased its stake in Micron Technology by 136.9% in the third quarter. Claraphi Advisory Network LLC already owns 8,746 shares of the semiconductor maker worth $ 621,000 after acquiring an additional 5,054 shares in the last quarter. Finally, Certified Advisory Corp increased its stake in Micron Technology by 23.6% in the third quarter. Certified Advisory Corp. already owns 9,715 shares of the semiconductor maker’s $ 690,000 stock after acquiring an additional 1,852 shares in the last quarter. 80.35% of the shares are currently owned by institutional investors.

About Micron Technology (Get an estimate)

Micron Technology, Inc. designs, manufactures and sells memory and storage products worldwide. The company operates in four segments: a business unit for calculations and networks, a mobile business unit, a storage business unit and a built-in business unit. It provides memory and storage technologies, includes DRAM products, which are semiconductor devices with dynamic random access memory with low latency, which provide high-speed data retrieval; NAND products that are non-reusable non-volatile semiconductor storage devices; and NOR memory products, which are non-volatile semiconductor rewritable memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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