Micron to cut output as memory chip demand stalls

Micron Reducing Production Amid 'Worse-Than-Expected CPU Shortages'

Micron to cut output as memory chip demand stalls

Mizuho reiterated a "buy" rating and issued a $47.00 price target (up from $44.00) on shares of Micron Technology in a report on Thursday.

Charles King of Pund-IT Inc. said Micron's main problem right now is that the memory chip space is in the midst of a cycle where oversupply is causing suppliers to reduce prices in order to get excess product off the shelves. Micron Technology now has a consensus rating of "Buy" and a consensus target price of $57.26. Executive Wealth Management LLC purchased a new stake in Micron Technology in the 4th quarter valued at about $26,000. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Micron Technology in a report on Thursday.

Several other equities research analysts also recently issued reports on MU.

Standpoint Research upgraded shares of Micron Technology (NASDAQ:MU) from a hold rating to a buy rating in a report released on Monday morning, The Fly reports. It worsened, as 103 investors sold Micron Technology, Inc. shares while 274 reduced holdings. The stock has an average rating of "Buy" and an average price target of $57.62. The stock has "Outperform" rating by Wells Fargo on Wednesday, December 19. Following Micron's announcement overnight, shares of SK Hynix Inc. finished 7.66 percent higher on Thursday at 75,900 won ($67.3) and Samsung Electronics Co. MUFG Securities EMEA plc boosted its holdings in shares of Micron Technology by 38.7% in the fourth quarter. The firm has a market capitalization of $45.26 billion, a price-to-earnings ratio of 3.72, a price-to-earnings-growth ratio of 0.86 and a beta of 1.87.

Micron saw its DRAM revenues decrease 30% sequentially and 28% from a year earlier to account for 64% of its total revenues in the second quarter of its fiscal 2019. The company has a quick ratio of 2.15, a current ratio of 2.90 and a debt-to-equity ratio of 0.11. Fosun International Ltd bought a new stake in shares of Micron Technology during the third quarter valued at approximately $301,000. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $1.67 by $0.04. American Century Companies Inc. now owns 243,515 shares of the semiconductor manufacturer's stock worth $7,727,000 after buying an additional 128,703 shares during the last quarter. Micron Technology had a net margin of 46.82% and a return on equity of 48.58%. During the same quarter in the prior year, the firm posted $2.82 earnings per share. SK Hynix took up 29.5 percent share with $29.4 billion revenue and Micron Technology 23.5 percent. Finally, Mn Services Vermogensbeheer B.V. raised its stake in shares of Micron Technology by 6.5% during the fourth quarter. GSA Capital Partners LLP bought a new position in shares of Micron Technology during the fourth quarter valued at $1,520,000.

Several hedge funds and other institutional investors have recently bought and sold shares of MU. If you are viewing this piece of content on another publication, it was illegally stolen and reposted in violation of United States & global trademark and copyright laws.

Micron Technology, Inc. provides semiconductor systems worldwide. The firm operates through four divisions: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit.

Based in Boise, Idaho, Micron is the second-largest supplier of memory chips globally, offering chips that include DRAM, NAND flash and NOR flash.

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