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Micron Technology (NASDAQ:MU) shares plummet after strong earnings

Shares of Micron Technology, Inc. (NASDAQ:MU – Get Rating) plunged before the market opened Friday after a better-than-expected earnings report. The stock, which had previously closed at $50.01, opened at $51.20. Micron Technology stock traded at $50.35 with a trading volume of 514,594 shares.

Semiconductor makers reported EPS of $1.45 for the quarter, $0.04 above consensus expectations of $1.41. The company’s revenue for the quarter was $6.64 billion, compared to analyst estimates of $6.78 billion. Micron Technology’s net profit margin was 30.61% and return on equity was 21.91%. Micron Technology’s quarterly revenue fell 19.7% year-over-year. During the same quarter last year, the company earned him $2.37 in EPS.

Analyst Rating Change

Several research firms have recently joined MU. BNP Paribas featured Micron Technology shares in its research report on Tuesday, September 13th. They issued an “Outperform” rating and a price target of $75.00. Robert W. Baird lowered his price target on Micron Technology stock from his $90.00 to his $60.00 and set the company’s rating to “neutral” in a report on Friday, July 1. Citigroup lowered its price target on Micron Technology’s stock to $75.00 from his $80.00, giving the company a “buy” rating in its research report on Wednesday, Aug. 10. Summit Insights upgraded his Micron Technology stock from a ‘hold’ rating to a ‘buy’ rating in a research report on Friday. Finally, JPMorgan Chase & Co. lowered its price target on Micron Technology from $80.00 to $65.00, setting the company’s rating to ‘Overweight’ in Tuesday’s research report. Two research analysts rated the stock with a sell rating, five issued a pending rating, and 23 issued a buy rating to the company. Based on MarketBeat data, the company has an average rating of “moderate buy” and a consensus price target of $71.61.

Insider activity at Micron Technology

In other Micron Technology news, Senior Vice President Michael W. Bokan sold 16,600 shares of Micron Technology stock on Tuesday, August 16. The shares sold for an average of $63.82, and the total transaction value he had was $1,059,412.00. Following the closing of the sale, the Senior Vice President now owns 119,126 shares of the Company’s stock valued at approximately $7,602,621.32. The transaction was disclosed in documents filed with the Securities and Exchange Commission, available at this hyperlink. His 0.32% of the shares are now owned by insiders.

Institutional investors value Micron’s technology

Several institutional investors have increased or decreased their stakes in MU recently. SOA Wealth Advisors LLC. increased its position in Micron Technology by 144.9% in the first quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor maker worth $26,000 after acquiring another 200 shares last quarter. Concorde Financial Corp purchased new Micron Technology stock worth approximately $27,000 in the fourth quarter. Wagner Wealth Management LLC acquired additional Micron Technology stock valued at approximately $29,000 in the second quarter. Core Alternative Capital increased its stake in Micron Technology by 912.5% ​​in the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor maker worth $32,000 after purchasing an additional 365 shares of him during the last quarter. Finally, BDO Wealth Advisors LLC increased its stake in Micron Technology by 46.7% in the first quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor maker worth $34,000 after purchasing an additional 140 shares last quarter. 79.66% of the shares are owned by institutional investors.

Micron Technology stock performance

The company has a market capitalization of $56.37 billion, a price/earnings ratio of 5.77, a price/earnings ratio of 4.02 and a beta of 1.30. The stock has a 50-day moving average of $57.72 and a 200-day moving average of $64.46. The company has a current ratio of 3.24, a quick ratio of 2.44 and a debt to equity ratio of 0.14.

About Micron Technology

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Micron Technology, Inc designs, manufactures and markets memory and storage products worldwide. The company operates in his four segments: Computing and Networking Business Unit, Mobile Business Unit, Storage Business Unit and Embedded Business Unit. It offers memory and storage technologies, including DRAM products, which are low-latency dynamic random access memory semiconductor devices that provide high-speed data retrieval. NAND products are non-volatile rewritable semiconductor memory devices. NOR memory products are nonvolatile, rewritable semiconductor memory devices that offer fast read speeds under the Micron and Crucial brands and through private labels.

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