Citigroup Inc. reiterated their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research note released on Wednesday, July 12th. Citigroup Inc. currently has a $45.00 target price on the semiconductor manufacturer’s stock.
Other research analysts have also recently issued research reports about the stock. Mizuho reissued a buy rating and set a $30.00 target price on shares of Micron Technology in a report on Thursday, March 16th. Susquehanna Bancshares Inc reissued a positive rating and set a $25.00 target price (down previously from $29.00) on shares of Micron Technology in a report on Friday, March 17th. Instinet reissued a buy rating and set a $30.00 target price on shares of Micron Technology in a report on Monday, March 20th. Rosenblatt Securities reissued a buy rating and set a $40.00 target price (up previously from $34.00) on shares of Micron Technology in a report on Tuesday, March 21st. Finally, Vetr raised shares of Micron Technology from a buy rating to a strong-buy rating and set a $28.71 target price for the company in a report on Tuesday, March 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. Micron Technology currently has an average rating of Buy and a consensus target price of $35.65.
Shares of Micron Technology (MU) traded up 1.89% on Wednesday, hitting $28.01. The stock had a trading volume of 23,375,939 shares. The company has a market capitalization of $31.09 billion, a price-to-earnings ratio of 12.30 and a beta of 1.76. Micron Technology has a 52 week low of $15.08 and a 52 week high of $32.96. The company has a 50-day moving average of $30.24 and a 200 day moving average of $27.97.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.25. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.41 billion. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The business’s quarterly revenue was up 92.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) earnings per share. On average, equities research analysts predict that Micron Technology will post $4.71 EPS for the current year.
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In other Micron Technology news, SVP April S. Arnzen sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $28.22, for a total transaction of $28,220.00. Following the completion of the transaction, the senior vice president now owns 50,542 shares in the company, valued at approximately $1,426,295.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 120,284 shares of the company’s stock, 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 valued at $1,442,015 in the last quarter. 0.69% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MU. Vanguard Group Inc. boosted its position in shares of Micron Technology by 4.9% in the first quarter. Vanguard Group Inc. now owns 86,141,622 shares of the semiconductor manufacturer’s stock valued at $2,489,492,000 after buying an additional 4,004,759 shares during the last quarter. 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 valued at $161,085,000 after buying an additional 3,896,978 shares during the last quarter. Westpac Banking Corp boosted its position in shares of Micron Technology by 790.9% in the first quarter. Westpac Banking Corp now owns 3,656,771 shares of the semiconductor manufacturer’s stock valued at $113,251,000 after buying an additional 3,246,321 shares during the last quarter. BT Investment Management Ltd bought a new position in shares of Micron Technology during the second quarter valued at about $95,449,000. Finally, CIBC World Markets Inc. boosted its position in shares of Micron Technology by 2,661.9% in the first quarter. CIBC World Markets Inc. now owns 2,687,100 shares of the semiconductor manufacturer’s stock valued at $77,657,000 after buying an additional 2,589,807 shares during the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.
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