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

Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Thursday.

The analysts wrote, “Yesterday, we hosted an investor dinner with Micron’s CFO Ernie Maddock and IR Shanye Hudson in New York. The environment has changed – memory is becoming less of a commodity but rather an integral part of the data economy. On the DRAM side, we see strength across the board with servers and graphics driving growth. Overlooked, we think Cost/Bit is the missing piece of the NAND puzzle. While we believe pricing to remain favorable, 3D NAND technology could reduce cost per bit by 70% over the next 3-years – lifting NAND margins possibly to 50%+ over time. Net, we believe $5.00 EPS is achievable in FY18; we could see multiple expansion to 12-15x P/E if GMs trend higher.””

MU has been the subject of several other reports. Zacks Investment Research raised Micron Technology from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Tuesday, February 21st. Credit Suisse Group lifted their price objective on Micron Technology from $30.00 to $35.00 and gave the company an “outperform” rating in a report on Wednesday, March 22nd. Robert W. Baird reissued an “outperform” rating and set a $40.00 price objective on shares of Micron Technology in a report on Monday, May 1st. Barclays PLC reissued an “overweight” rating and set a $26.00 price objective on shares of Micron Technology in a report on Tuesday, March 7th. Finally, Mizuho reissued a “buy” rating and set a $30.00 price objective on shares of Micron Technology in a report on Thursday, March 16th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $31.95.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Shares of Micron Technology (NASDAQ MU) opened at 30.60 on Thursday. Micron Technology has a one year low of $11.50 and a one year high of $32.93. The firm’s 50 day moving average is $28.96 and its 200-day moving average is $25.13. The firm has a market capitalization of $33.85 billion, a PE ratio of 47.66 and a beta of 1.77.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 EPS for the quarter, topping the consensus estimate of $0.84 by $0.06. The firm had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Micron Technology had a return on equity of 7.73% and a net margin of 4.68%. Micron Technology’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same period last year, the business earned $0.01 earnings per share. On average, equities research analysts predict that Micron Technology will post $4.29 earnings per share for the current fiscal year.

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In related news, Director Mercedes Johnson sold 27,242 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $27.66, for a total value of $753,513.72. Following the completion of the transaction, the director now directly owns 54,533 shares in the company, valued at approximately $1,508,382.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP April S. Arnzen sold 10,638 shares of the business’s stock in a transaction that occurred on Thursday, March 30th. The shares were sold at an average price of $28.95, for a total value of $307,970.10. Following the completion of the transaction, the vice president now owns 57,792 shares of the company’s stock, valued at $1,673,078.40. The disclosure for this sale can be found here. Insiders sold a total of 240,380 shares of company stock valued at $6,898,194 over the last quarter. 0.69% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Micron Technology by 4.9% in the first quarter. Vanguard Group Inc. now owns 86,141,622 shares of the semiconductor manufacturer’s stock valued at $2,489,492,000 after buying an additional 4,004,759 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Micron Technology by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 14,005,627 shares of the semiconductor manufacturer’s stock valued at $404,753,000 after buying an additional 117,152 shares during the last quarter. Geode Capital Management LLC boosted its stake in Micron Technology by 11.4% in the first quarter. Geode Capital Management LLC now owns 11,008,178 shares of the semiconductor manufacturer’s stock valued at $317,719,000 after buying an additional 1,128,565 shares during the last quarter. Norges Bank purchased a new stake in Micron Technology during the fourth quarter valued at approximately $217,749,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Micron Technology by 2,047.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,798,500 shares of the semiconductor manufacturer’s stock valued at $149,023,000 after buying an additional 6,481,879 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Micron Technology Company Profile

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