Micron Technology (MU) Bonds Rise 0.9% During Trading

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An issue of Micron Technology, Inc. (NASDAQ:MU) bonds rose 0.9% against their face value during trading on Friday. The debt issue has a 5.327% coupon and will mature on February 6, 2029. The bonds in the issue are now trading at $101.90. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

MU has been the topic of several research analyst reports. Piper Jaffray Companies lowered their price objective on Micron Technology to $36.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 19th. MKM Partners lowered their price objective on Micron Technology from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, December 19th. Zacks Investment Research downgraded Micron Technology from a “hold” rating to a “sell” rating in a research report on Friday, December 7th. Deutsche Bank lowered their price objective on Micron Technology from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, December 19th. Finally, Royal Bank of Canada restated a “neutral” rating and issued a $40.00 price objective on shares of Micron Technology in a research report on Tuesday, December 25th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $59.52.

NASDAQ MU traded down $0.80 during trading hours on Friday, hitting $38.58. 35,086,643 shares of the company were exchanged, compared to its average volume of 35,558,200. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.90 and a quick ratio of 2.15. Micron Technology, Inc. has a 52 week low of $28.39 and a 52 week high of $64.66. The stock has a market capitalization of $43.25 billion, a P/E ratio of 3.26, a PEG ratio of 0.79 and a beta of 1.85.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, December 18th. The semiconductor manufacturer reported $2.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.90 by $0.07. Micron Technology had a return on equity of 48.58% and a net margin of 46.82%. The company had revenue of $7.91 billion for the quarter, compared to analysts’ expectations of $8.01 billion. During the same period in the previous year, the firm posted $2.45 earnings per share. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 7.7 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. JNBA Financial Advisors bought a new stake in Micron Technology during the fourth quarter worth approximately $28,000. Lavaca Capital LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $29,000. Athena Capital Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $29,000. Intercontinental Wealth Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $31,000. Finally, First Personal Financial Services bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $32,000. 75.06% of the stock is currently owned by institutional investors.

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About Micron Technology (NASDAQ:MU)

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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