NEW YORK (TheStreet) -- Shares of Micron Technology, Inc. aare up, higher by 2.92% to $31.97, in early market trading this morning after the company announced that its board of directors approved the new $1 billionarepurchase programatoday. The memory chip manufacturing company said that the new stock buyback plan is another way to return excess capital to its investors, after spending about $389 million in its fiscal first quarter of 2015 to eliminate a convertible debt offering. The Boise, ID-based company added that its business is continuing toagenerate strong operating cash flow that allows Micronato invest in its strategic growth initiatives. Must Read: Warren Buffett's 25 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Separately, TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: "We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, notable return on equity, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income." Highlights from the analysis by TheStreet Ratings Team goes as follows: The revenue growth greatly exceeded the industry average of 17.7%. Since the same quarter one year prior, revenues rose by 48.7%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share. Compared to its closing price of one year ago, MU's share price has jumped by 86.64%, exceeding the performance of the broader market during that same time frame. Regarding the stock's future course, although almost any stock can fall in a broad market decline, MU should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year. The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, MICRON TECHNOLOGY INC's return on equity significantly exceeds that of both the industry average and the S&P 500. Net operating cash flow has significantly increased by 87.86% to $1,347.00 million when compared to the same quarter last year. In addition, MICRON TECHNOLOGY INC has also vastly surpassed the industry average cash flow growth rate of -81.10%. You can view the full analysis from the report here: MU Ratings Report STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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