Micron Technology, Inc. (NASDAQ:MU) Receives Buy Rating from Citigroup Inc.

Citigroup Inc. restated their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research note released on Wednesday, July 12th. The brokerage currently has a $45.00 target price on the semiconductor manufacturer’s stock.

A number of other research firms have also issued reports on MU. Mizuho reiterated a buy rating and issued a $35.00 target price on shares of Micron Technology in a research note on Friday, June 16th. Goldman Sachs Group, Inc. (The) lowered shares of Micron Technology from a buy rating to a neutral rating in a research note on Monday, May 15th. BidaskClub lowered shares of Micron Technology from a strong-buy rating to a buy rating in a research note on Saturday, June 17th. Pacific Crest reiterated a fair value rating and issued a $32.00 target price on shares of Micron Technology in a research note on Friday, March 24th. Finally, Loop Capital reiterated a buy rating and issued a $40.00 target price on shares of Micron Technology in a research note on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $35.65.

Shares of Micron Technology (MU) traded up 1.89% during mid-day trading on Wednesday, reaching $28.01. 23,375,939 shares of the company were exchanged. Micron Technology has a 12 month low of $15.08 and a 12 month high of $32.96. The firm’s 50-day moving average is $30.24 and its 200-day moving average is $27.97. 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 (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 net margin of 14.66% and a return on equity of 19.05%. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same period last year, the business posted ($0.08) EPS. Micron Technology’s revenue was up 92.2% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology will post $4.71 earnings per share for the current fiscal year.

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In related news, VP Scott J. Deboer sold 10,000 shares of the business’s 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 completion of the transaction, the vice president now owns 150,232 shares in the company, valued at $4,807,424. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP April S. Arnzen sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $30.75, for a total transaction of $30,750.00. Following the transaction, the vice president now owns 52,542 shares of the company’s stock, valued at approximately $1,615,666.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,250 shares of company stock valued at $1,442,015. 0.69% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MU. Guardian Life Insurance Co. of America raised its position in shares of 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 worth $116,000 after buying an additional 13 shares during the last quarter. Washington Trust Bank raised its position in shares of Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock worth $126,000 after buying an additional 63 shares during the last quarter. Winslow Evans & Crocker Inc. raised its position in shares of Micron Technology by 0.5% in the first quarter. Winslow Evans & Crocker Inc. now owns 21,400 shares of the semiconductor manufacturer’s stock worth $618,000 after buying an additional 100 shares during the last quarter. Wetherby Asset Management Inc. raised its position in shares of Micron Technology by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 15,330 shares of the semiconductor manufacturer’s stock worth $457,000 after buying an additional 154 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of Micron Technology by 1.4% in the first quarter. Neuberger Berman Group LLC now owns 12,407 shares of the semiconductor manufacturer’s stock worth $359,000 after buying an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 80.44% of the company’s stock.

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