Citigroup Inc. Reiterates “Buy” Rating for Micron Technology, Inc. (MU)
Citigroup Inc. reaffirmed their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research note issued to investors on Tuesday. Citigroup Inc. currently has a $45.00 price target on the semiconductor manufacturer’s stock.
Other research analysts have also issued research reports about the company. Macquarie reissued an outperform rating and set a $38.00 price target on shares of Micron Technology in a research note on Tuesday. BidaskClub raised Micron Technology from a buy rating to a strong-buy rating in a research note on Tuesday. Needham & Company LLC reissued a buy rating on shares of Micron Technology in a research note on Thursday, June 8th. Stifel Nicolaus reissued a buy rating on shares of Micron Technology in a research note on Monday, June 26th. Finally, Barclays PLC increased their price target on Micron Technology from $35.00 to $40.00 and gave the stock an overweight rating in a research note on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $36.27.
Micron Technology (MU) traded up 0.20% during midday trading on Tuesday, reaching $34.65. The company’s stock had a trading volume of 37,417,250 shares. The firm’s 50-day moving average price is $30.63 and its 200-day moving average price is $29.31. The stock has a market capitalization of $38.46 billion, a PE ratio of 15.22 and a beta of 1.75. Micron Technology has a 52 week low of $16.17 and a 52 week high of $35.00.
Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same quarter in the prior year, the company earned ($0.08) EPS. Micron Technology’s revenue was up 92.2% on a year-over-year basis. On average, analysts anticipate that Micron Technology will post $4.72 earnings per share for the current year.
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In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $29.35, for a total value of $88,050.00. Following the sale, the director now owns 124,384 shares in the company, valued at $3,650,670.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP April S. Arnzen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $30.12, for a total transaction of $30,120.00. Following the completion of the sale, the senior vice president now owns 51,542 shares in the company, valued at approximately $1,552,445.04. The disclosure for this sale can be found here. Insiders sold 73,577 shares of company stock worth $2,305,192 in the last 90 days. 0.69% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Janus Capital Management LLC increased its stake in shares of Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock valued at $161,085,000 after purchasing an additional 3,896,978 shares during the period. Eidelman Virant Capital increased its stake in shares of Micron Technology by 22.0% in the second quarter. Eidelman Virant Capital now owns 127,400 shares of the semiconductor manufacturer’s stock valued at $3,804,000 after purchasing an additional 23,000 shares during the period. Quantitative Systematic Strategies LLC increased its stake in shares of Micron Technology by 0.7% in the second quarter. Quantitative Systematic Strategies LLC now owns 67,006 shares of the semiconductor manufacturer’s stock valued at $2,106,000 after purchasing an additional 475 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Micron Technology by 4.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,627,678 shares of the semiconductor manufacturer’s stock valued at $108,322,000 after purchasing an additional 140,996 shares during the period. Finally, Grassi Investment Management acquired a new stake in shares of Micron Technology in the second quarter valued at approximately $427,000. Institutional investors own 79.34% of the company’s stock.
Micron Technology Company Profile
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