Micron Technology, Inc. (MU) Given Buy Rating at Citigroup Inc.

Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by analysts at Citigroup Inc. in a research report issued on Tuesday. They presently have a $45.00 price target on the semiconductor manufacturer’s stock. Citigroup Inc.’s price objective would indicate a potential upside of 31.23% from the stock’s previous close.

Several other brokerages have also recently issued reports on MU. Macquarie restated an “outperform” rating and issued a $38.00 target price on shares of Micron Technology in a report on Tuesday. BidaskClub upgraded shares of Micron Technology from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Needham & Company LLC restated a “buy” rating on shares of Micron Technology in a report on Thursday, June 8th. Stifel Nicolaus restated a “buy” rating on shares of Micron Technology in a report on Monday, June 26th. Finally, Barclays PLC upped their target price on shares of Micron Technology from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $36.05.

Micron Technology (NASDAQ MU) traded up 2.54% during midday trading on Tuesday, hitting $34.29. 38,205,916 shares of the stock traded hands. The company has a 50-day moving average price of $30.06 and a 200 day moving average price of $29.05. The stock has a market cap of $38.06 billion, a price-to-earnings ratio of 15.06 and a beta of 1.75. Micron Technology has a one year low of $16.17 and a one year high of $34.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 EPS for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.25. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.41 billion. During the same period in the prior year, the firm posted ($0.08) EPS. The company’s quarterly revenue was up 92.2% compared to the same quarter last year. Equities research analysts anticipate that Micron Technology will post $4.72 earnings per share for the current year.

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In related news, 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 value of $30,120.00. Following the sale, the senior vice president now directly owns 51,542 shares of the company’s stock, valued at $1,552,445.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $32.64, for a total transaction of $97,920.00. Following the completion of the sale, the director now directly owns 117,284 shares in the company, valued at $3,828,149.76. The disclosure for this sale can be found here. Insiders sold 63,577 shares of company stock worth $1,965,192 over the last three months. Corporate insiders own 0.69% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Capital Management LLC boosted its position 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 worth $161,085,000 after acquiring an additional 3,896,978 shares during the last quarter. Eidelman Virant Capital boosted its position 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 worth $3,804,000 after acquiring an additional 23,000 shares during the last quarter. Quantitative Systematic Strategies LLC boosted its position 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 worth $2,106,000 after acquiring an additional 475 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position 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 worth $108,322,000 after acquiring an additional 140,996 shares during the last quarter. Finally, Grassi Investment Management acquired a new stake in shares of Micron Technology in the second quarter worth approximately $427,000. 79.34% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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