Citigroup Inc. reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research report sent to investors on Wednesday morning. They currently have a $45.00 target price on the semiconductor manufacturer’s stock.
MU has been the subject of several other reports. Credit Suisse Group reaffirmed a buy rating on shares of Micron Technology in a research report on Sunday, July 2nd. Robert W. Baird reissued an outperform rating and issued a $40.00 price objective on shares of Micron Technology in a research report on Monday, May 1st. Zacks Investment Research lowered Micron Technology from a strong-buy rating to a hold rating in a research report on Wednesday, May 24th. Needham & Company LLC reissued a buy rating on shares of Micron Technology in a research report on Thursday, June 8th. Finally, Deutsche Bank AG lifted their price objective on Micron Technology from $35.00 to $37.00 and gave the stock a buy rating in a research report on Friday, June 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $35.65.
Micron Technology (MU) traded down 2.79% on Wednesday, reaching $27.83. The company’s stock had a trading volume of 30,288,415 shares. The stock has a market cap of $31.00 billion, a price-to-earnings ratio of 12.59 and a beta of 1.77. Micron Technology has a 52-week low of $13.27 and a 52-week high of $32.96. The firm’s 50-day moving average price is $30.90 and its 200-day moving average price is $27.73.
Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.25. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.41 billion. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. Micron Technology’s revenue for the quarter was up 92.2% compared to the same quarter last year. During the same period last year, the company earned ($0.08) EPS. On average, equities analysts expect that Micron Technology will post $4.71 earnings per share for the current year.
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In other news, VP April S. Arnzen sold 1,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $30.75, for a total value of $30,750.00. Following the transaction, the vice president now owns 52,542 shares of the company’s stock, valued at $1,615,666.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $28.47, for a total transaction of $85,410.00. Following the completion of the transaction, the director now directly owns 120,284 shares in the company, valued at approximately $3,424,485.48. The disclosure for this sale can be found here. Insiders have sold a total of 46,250 shares of company stock worth $1,442,015 in the last three months. Insiders own 0.69% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America boosted its position in Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after buying an additional 13 shares during the last quarter. First Personal Financial Services boosted its position in Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock valued at $122,000 after buying an additional 2,083 shares during the last quarter. Washington Trust Bank boosted its position in Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock valued at $126,000 after buying an additional 63 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Micron Technology during the second quarter valued at $141,000. Finally, Coconut Grove Bank boosted its position in Micron Technology by 1,422.5% in the first quarter. Coconut Grove Bank now owns 5,405 shares of the semiconductor manufacturer’s stock valued at $156,000 after buying an additional 5,050 shares during the last quarter. 80.14% of the stock is currently owned by hedge funds and other institutional investors.
About Micron Technology
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