Micron Technology (NASDAQ:MU) Earns Buy Rating from Analysts at China Renaissance

Investment analysts at China Renaissance initiated coverage on shares of Micron Technology (NASDAQ:MU - Get Free Report) in a research report issued on Monday, Marketbeat.com reports. The firm set a "buy" rating and a $148.00 price target on the semiconductor manufacturer's stock. China Renaissance's target price suggests a potential upside of 39.11% from the company's previous close.

MU has been the subject of several other reports. KeyCorp reduced their price objective on Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research note on Tuesday, October 8th. Susquehanna reduced their price objective on Micron Technology from $175.00 to $165.00 and set a "positive" rating for the company in a research note on Thursday, September 26th. TD Cowen increased their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Wells Fargo & Company reduced their price objective on Micron Technology from $190.00 to $175.00 and set an "overweight" rating for the company in a research note on Wednesday, September 18th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $143.04.

Micron Technology Stock Performance

Shares of NASDAQ:MU traded down $1.52 on Monday, hitting $106.39. The company's stock had a trading volume of 12,359,281 shares, compared to its average volume of 22,034,600. Micron Technology has a 12 month low of $65.17 and a 12 month high of $157.54. The company has a market capitalization of $117.97 billion, a price-to-earnings ratio of -75.62 and a beta of 1.18. The stock's 50-day moving average is $99.22 and its two-hundred day moving average is $113.83. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company's revenue was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. On average, equities research analysts forecast that Micron Technology will post 8.31 EPS for the current year.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company's stock.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. DecisionPoint Financial LLC bought a new stake in Micron Technology during the first quarter worth about $25,000. Highline Wealth Partners LLC acquired a new position in Micron Technology during the third quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Micron Technology during the second quarter worth approximately $28,000. Davis Capital Management acquired a new position in Micron Technology during the third quarter worth approximately $30,000. Finally, Richard W. Paul & Associates LLC increased its position in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 144 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

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.