Cowen slashes price target on Micron Technology Inc. [MU] – find out why.

Micron Technology Inc. [NASDAQ: MU] closed the trading session at $86.03 on 04/23/21. The day’s price range saw the stock hit a low of $84.565, while the highest price level was $86.46. The company report on April 22, 2021 that Micron’s Sixth Annual Sustainability Report Highlights Progress on Goals and Unwavering Commitment to Innovation and Advancing Society.

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Micron Technology, Inc. (Nasdaq: MU), released “Fast Forward: Micron’s 2021 Sustainability Report,” underscoring the company’s commitment to advance innovation, people, communities and manufacturing while demonstrating resilience in extraordinary times.

Throughout the COVID-19 pandemic, Micron has driven progress on sustainability programs, including making initial investments towards its goal to spend approximately $1 billion on environmental initiatives by 2028. These include reducing greenhouse gas (GHG) emissions by 75% versus 2018, as well as achieving 75% water conservation and 95% waste diversion globally in 2030. The company also targets sourcing 100% renewable energy across its U.S. manufacturing operations by the end of 2025. Micron decreased 2020 GHG emissions per unit of production by 36% versus 2018. In addition, Micron increased its material and waste reuse, recycling and recovery to 84% in calendar year 2020, up three percentage points from the year prior.

The stocks have a year to date performance of 14.43 percent and weekly performance of -5.11 percent. The stock has been moved at 61.38 percent over the last six months. The stock has performed 3.65 percent around the most recent 30 days and changed 4.56 percent over the most recent 3-months.

If compared to the average trading volume of 20.11M shares, MU reached to a volume of 18168500 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Micron Technology Inc. [MU]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MU shares is $113.30 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MU stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Cowen have made an estimate for Micron Technology Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 01, 2021. While these analysts kept the previous recommendation, Daiwa Securities raised their target price to Buy. The new note on the price target was released on February 18, 2021, representing the official price target for Micron Technology Inc. stock. On January 08, 2021, analysts increased their price target for MU shares from 80 to 90.

The Average True Range (ATR) for Micron Technology Inc. is set at 3.40, with the Price to Sales ratio for MU stock in the period of the last 12 months amounting to 4.04. The Price to Book ratio for the last quarter was 2.37, with the Price to Cash per share for the same quarter was set at 6.51.

MU stock trade performance evaluation

Micron Technology Inc. [MU] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.11. With this latest performance, MU shares gained by 3.65% in over the last four-week period, additionally plugging by 61.38% over the last 6 months – not to mention a rise of 96.55% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MU stock in for the last two-week period is set at 43.27, with the RSI for the last a single of trading hit 38.52, and the three-weeks RSI is set at 46.51 for Micron Technology Inc. [MU]. The present Moving Average for the last 50 days of trading for this stock 89.35, while it was recorded at 87.22 for the last single week of trading, and 66.71 for the last 200 days.

Micron Technology Inc. [MU]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Micron Technology Inc. [MU] shares currently have an operating margin of +14.33 and a Gross Margin at +30.57. Micron Technology Inc.’s Net Margin is presently recorded at +12.54.

Return on Total Capital for MU is now 6.91, given the latest momentum, and Return on Invested Capital for the company is 6.23. Return on Equity for this stock inclined to 7.18, with Return on Assets sitting at 5.24. When it comes to the capital structure of this company, Micron Technology Inc. [MU] has a Total Debt to Total Equity ratio set at 18.40. Additionally, MU Total Debt to Total Capital is recorded at 15.54, with Total Debt to Total Assets ending up at 13.37. Long-Term Debt to Equity for the company is recorded at 17.71, with the Long-Term Debt to Total Capital now at 14.96.

Reflecting on the efficiency of the workforce at the company, Micron Technology Inc. [MU] managed to generate an average of $67,175 per employee. Receivables Turnover for the company is 6.03 with a Total Asset Turnover recorded at a value of 0.42.Micron Technology Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 3.20.

Earnings per share (EPS) analysis for Micron Technology Inc. [MU] stock

With the latest financial reports released by the company, Micron Technology Inc. posted 0.82/share EPS, while the average EPS was predicted by analysts to be reported at 0.77/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 6.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MU. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Micron Technology Inc. go to 60.47%.

Micron Technology Inc. [MU]: Insider Ownership positions

There are presently around $80,339 million, or 85.80% of MU stock, in the hands of institutional investors. The top three institutional holders of MU stocks are: VANGUARD GROUP INC with ownership of 87,622,245, which is approximately -1.271% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 81,899,747 shares of the stock with an approximate value of $7.05 billion in MU stocks shares; and PRIMECAP MANAGEMENT CO/CA/, currently with $4.18 billion in MU stock with ownership of nearly -3.684% of the company’s market capitalization.

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Positions in Micron Technology Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 685 institutional holders increased their position in Micron Technology Inc. [NASDAQ:MU] by around 85,336,082 shares. Additionally, 446 investors decreased positions by around 64,321,894 shares, while 143 investors held positions by with 784,188,501 shares. The mentioned changes placed institutional holdings at 933,846,477 shares, according to the latest SEC report filing. MU stock had 286 new institutional investments in for a total of 25,833,217 shares, while 74 institutional investors sold positions of 7,334,449 shares during the same period.

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