Micron Technology (NASDAQ:MU) Downgraded by China Renaissance to “Hold”

Micron Technology (NASDAQ:MU) was downgraded by investment analysts at China Renaissance from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday,Finviz reports. They currently have a $84.00 price target on the semiconductor manufacturer’s stock. China Renaissance’s price target points to a potential downside of 10.81% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research report on Friday, March 21st. UBS Group boosted their target price on shares of Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, March 17th. JPMorgan Chase & Co. reduced their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Rosenblatt Securities decreased their price target on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday, March 21st. Finally, The Goldman Sachs Group dropped their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus price target of $129.96.

Micron Technology Trading Down 2.8 %

Shares of MU opened at $94.18 on Wednesday. Micron Technology has a one year low of $83.54 and a one year high of $157.54. The stock has a 50-day moving average price of $96.80 and a 200 day moving average price of $98.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company has a market capitalization of $104.93 billion, a P/E ratio of 27.14 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s revenue was up 38.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. Sell-side analysts forecast that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Micron Technology by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock worth $8,403,982,000 after acquiring an additional 888,087 shares in the last quarter. State Street Corp grew its position in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares in the last quarter. FMR LLC grew its position in Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares in the last quarter. Capital World Investors raised its stake in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Micron Technology by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock worth $2,052,973,000 after buying an additional 726,282 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

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.