Citigroup Inc. reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a report issued on Wednesday. They currently have a $45.00 price objective on the semiconductor manufacturer’s stock.
Other equities research analysts also recently issued research reports about the stock. UBS AG increased their price objective on shares of Micron Technology from $30.00 to $32.00 and gave the stock a buy rating in a research report on Friday, March 24th. Standpoint Research downgraded shares of Micron Technology from a buy rating to a reduce rating in a research report on Wednesday, May 24th. Macquarie reissued an outperform rating and set a $35.00 price objective on shares of Micron Technology in a research report on Wednesday, June 14th. BidaskClub downgraded shares of Micron Technology from a buy rating to a hold rating in a research report on Wednesday, July 5th. Finally, ValuEngine downgraded shares of Micron Technology from a strong-buy rating to a buy rating in a research report on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $35.65.
Micron Technology (MU) opened at 31.72 on Wednesday. Micron Technology has a 12-month low of $13.02 and a 12-month high of $32.96. The stock has a market capitalization of $35.21 billion, a PE ratio of 13.93 and a beta of 1.78. The stock’s 50 day moving average is $30.40 and its 200 day moving average is $26.28.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data 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. Micron Technology had a net margin of 29.55% and a return on equity of 43.38%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.41 billion. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The firm’s revenue was up 92.2% compared to the same quarter last year. Analysts forecast that Micron Technology will post $4.71 EPS for the current year.
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In related news, VP Scott J. Deboer sold 10,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the sale, the vice president now directly owns 150,232 shares of the company’s stock, valued at approximately $4,807,424. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mercedes Johnson sold 27,242 shares of Micron Technology stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $27.66, for a total transaction of $753,513.72. Following the sale, the director now directly owns 54,533 shares in the company, valued at $1,508,382.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,492 shares of company stock worth $2,109,749. Insiders own 0.69% of the company’s stock.
Several large investors have recently made changes to their positions in MU. First Republic Investment Management Inc. bought a new stake in shares of Micron Technology during the fourth quarter valued at about $223,000. River & Mercantile Asset Management LLP bought a new stake in shares of Micron Technology during the fourth quarter valued at about $6,332,000. Wealthfront Inc. raised its stake in shares of Micron Technology by 7.0% in the fourth quarter. Wealthfront Inc. now owns 25,752 shares of the semiconductor manufacturer’s stock valued at $564,000 after buying an additional 1,686 shares during the period. USA Financial Portformulas Corp bought a new stake in shares of Micron Technology during the fourth quarter valued at about $551,000. Finally, M Holdings Securities Inc. bought a new stake in shares of Micron Technology during the fourth quarter valued at about $234,000. 80.00% of the stock is currently owned by institutional investors.
About Micron Technology
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