Micron Technology’s (NASDAQ:MU) Buy Rating Reiterated at Citigroup Inc.

Citigroup Inc. reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a research note published on Tuesday, September 12th. They currently have a $45.00 price target on the semiconductor manufacturer’s stock.

Several other equities analysts also recently weighed in on the stock. Macquarie restated an outperform rating and set a $38.00 target price on shares of Micron Technology in a report on Tuesday, September 12th. BidaskClub upgraded shares of Micron Technology from a buy rating to a strong-buy rating in a report on Tuesday, September 12th. FBN Securities began coverage on shares of Micron Technology in a report on Monday, September 11th. They set an outperform rating and a $45.00 target price for the company. Deutsche Bank AG restated a buy rating and set a $37.00 target price on shares of Micron Technology in a report on Wednesday, September 6th. Finally, Credit Suisse Group restated an outperform rating and set a $40.00 target price on shares of Micron Technology in a report on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company. Micron Technology presently has a consensus rating of Buy and an average price target of $37.89.

Micron Technology (NASDAQ:MU) traded up 0.47% during mid-day trading on Tuesday, hitting $36.08. 17,765,117 shares of the stock were exchanged. Micron Technology has a one year low of $16.17 and a one year high of $36.22. The company has a market cap of $40.05 billion, a P/E ratio of 15.85 and a beta of 1.75. The company has a 50-day moving average price of $31.03 and a 200-day moving average price of $29.54. Micron Technology also was the recipient of some unusual options trading activity on Wednesday. Investors bought 112,784 call options on the stock. This represents an increase of approximately 137% compared to the average daily volume of 47,676 call options.

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 Thomson Reuters’ 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 firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.41 billion. During the same quarter last year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 92.2% compared to the same quarter last year. Analysts forecast that Micron Technology will post $4.73 earnings per share for the current fiscal year.

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In other Micron Technology news, EVP Scott J. Deboer sold 29,500 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $35.00, for a total value of $1,032,500.00. Following the completion of the sale, the executive vice president now directly owns 169,732 shares of the company’s stock, valued at approximately $5,940,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ernest E. Maddock purchased 3,400 shares of the business’s stock in a transaction on Friday, August 11th. The stock was acquired at an average cost of $27.89 per share, with a total value of $94,826.00. Following the completion of the acquisition, the chief financial officer now directly owns 192,385 shares in the company, valued at approximately $5,365,617.65. The disclosure for this purchase can be found here. Insiders sold 103,077 shares of company stock valued at $3,337,692 in the last ninety days. Corporate insiders own 0.69% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Janus Capital Management LLC raised its holdings in Micron Technology by 232.4% during the 1st quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock worth $161,085,000 after buying an additional 3,896,978 shares during the period. Eidelman Virant Capital raised its holdings in Micron Technology by 22.0% during the 2nd quarter. Eidelman Virant Capital now owns 127,400 shares of the semiconductor manufacturer’s stock worth $3,804,000 after buying an additional 23,000 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Micron Technology by 8.0% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 44,928 shares of the semiconductor manufacturer’s stock worth $1,342,000 after buying an additional 3,317 shares during the period. Schroder Investment Management Group raised its holdings in Micron Technology by 16.3% during the 2nd quarter. Schroder Investment Management Group now owns 1,652,878 shares of the semiconductor manufacturer’s stock worth $52,016,000 after buying an additional 232,083 shares during the period. Finally, Quantitative Systematic Strategies LLC raised its holdings in Micron Technology by 0.7% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 67,006 shares of the semiconductor manufacturer’s stock worth $2,106,000 after buying an additional 475 shares during the period. 79.32% of the stock is owned by institutional investors.

About Micron Technology

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