Micron Technology (NASDAQ:MU) Stock Rating Lowered by BNP Paribas

Micron Technology (NASDAQ:MU) was downgraded by equities research analysts at BNP Paribas from an “outperform” rating to an “underperform” rating in a note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $67.00 target price on the semiconductor manufacturer’s stock, down from their prior target price of $140.00. BNP Paribas’ price objective suggests a potential downside of 26.09% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Stifel Nicolaus raised their target price on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. TD Cowen lifted their price target on Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 price target on shares of Micron Technology in a research report on Tuesday, June 25th. Mizuho lifted their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, Susquehanna lowered their price target on Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $152.31.

Micron Technology Trading Up 4.4 %

NASDAQ:MU opened at $90.65 on Thursday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $105.98 and its two-hundred day moving average is $114.87. Micron Technology has a 52 week low of $63.83 and a 52 week high of $157.54. The company has a market cap of $100.52 billion, a PE ratio of -63.84 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue was up 81.5% on a year-over-year basis. During the same quarter last year, the business posted ($1.57) EPS. On average, analysts predict that Micron Technology will post 0.61 EPS for the current year.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in Micron Technology during the fourth quarter valued at about $769,372,000. Price T Rowe Associates Inc. MD increased its stake in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. Capital International Investors increased its stake in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares during the period. Swedbank AB increased its stake in Micron Technology by 473.8% during the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after acquiring an additional 2,187,460 shares during the period. Finally, 1832 Asset Management L.P. increased its stake in Micron Technology by 301,500.0% during the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after acquiring an additional 1,809,000 shares during the period. 80.84% of the stock is currently owned by institutional investors.

About Micron Technology

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.