Micron Technology, Inc. (NASDAQ:MU), announced that the company has appointed Ernie Maddock as Chief Financial Officer and Vice President, Finance, effective June 1, 2015.
Mr. Maddock will join Micron after having served as Executive Vice President and Chief Financial Officer at Riverbed Technology, where he was also responsible for worldwide operations and information technology.
“Micron is a global leader in semiconductor memory and memory systems, focused on innovation and delivery of next-generation technology to a broad and diverse marketplace,” stated D. Mark Durcan, Chief Executive Officer. “We are extraordinarily pleased to have Ernie join the Micron team as CFO. He is extremely capable and is well prepared to drive long term value through growth, operational excellence, and effective capital allocation.”
Prior to his role at Riverbed, Maddock was with Lam Research, where he held several executive positions including Executive Vice President and Chief Financial Officer, Senior Vice President of Global Operations, and Vice President, Customer Support Business Group. Maddock’s career includes financial and operational experience in several industries ranging from commercial real estate to telecommunications. (Original Source)
Shares of Micron closed yesterday at $28.67 . MU has a 1-year high of $36.59 and a 1-year low of $25.25. The stock’s 50-day moving average is $27.99 and its 200-day moving average is $31.06.
On the ratings front, Micron has been the subject of a number of recent research reports. In a report issued on April 29, Piper Jaffray analyst Ruben Roy reiterated a Buy rating on MU, with a price target of $35, which represents a potential upside of 22.1% from where the stock is currently trading. Separately, on April 24, Stifel Nicolaus’ Dean Grumlose reiterated a Buy rating on the stock and has a price target of $47.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ruben Roy and Dean Grumlose have a total average return of 13.1% and 9.4% respectively. Roy has a success rate of 60.9% and is ranked #389 out of 3589 analysts, while Grumlose has a success rate of 40.0% and is ranked #1955.
The street is mostly Bullish on MU stock. Out of 19 analysts who cover the stock, 15 suggest a Buy rating , 3 suggest a Hold and one recommend to Sell the stock. The 12-month average price target assigned to the stock is $38.92, which represents a potential upside of 35.8% from where the stock is currently trading.
Micron Technology Inc is a manufacturer and marketer of DRAM, NAND Flash memory, CMOS image sensors and other semiconductor components. It has two segments, Memory and Imaging.