Micron Technology’s (NASDAQ:MU) Buy Rating Reaffirmed at Citigroup

Citigroup reaffirmed their buy rating on shares of Micron Technology (NASDAQ:MU) in a research note issued to investors on Wednesday, December 20th. The brokerage currently has a $55.00 target price on the semiconductor manufacturer’s stock, down from their previous target price of $60.00.

A number of other brokerages have also commented on MU. Zacks Investment Research lowered Micron Technology from a strong-buy rating to a hold rating in a research note on Tuesday, November 28th. Morgan Stanley upped their target price on Micron Technology from $39.00 to $55.00 and gave the company an overweight rating in a research note on Monday, November 27th. Robert W. Baird reiterated an outperform rating and set a $60.00 price objective (up from $52.00) on shares of Micron Technology in a research note on Tuesday, November 28th. Vetr upgraded Micron Technology from a hold rating to a buy rating and set a $50.20 price objective for the company in a research note on Tuesday, November 21st. Finally, Cowen reiterated a buy rating and set a $50.00 price objective on shares of Micron Technology in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Micron Technology presently has an average rating of Buy and an average target price of $55.33.

Shares of Micron Technology (NASDAQ MU) traded down $0.49 during trading on Wednesday, reaching $42.82. The company’s stock had a trading volume of 39,400,000 shares, compared to its average volume of 46,660,000. Micron Technology has a 52-week low of $21.49 and a 52-week high of $49.89. The company has a quick ratio of 1.83, a current ratio of 2.39 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $49,510.00, a PE ratio of 6.74, a P/E/G ratio of 0.47 and a beta of 1.75.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The company had revenue of $6.80 billion during the quarter, compared to analysts’ expectations of $6.43 billion. During the same period in the prior year, the business earned $0.32 earnings per share. Micron Technology’s revenue for the quarter was up 71.4% compared to the same quarter last year. analysts expect that Micron Technology will post 9.78 EPS for the current year.

In related news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total value of $2,583,050.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $42.73, for a total value of $128,190.00. Following the completion of the sale, the director now directly owns 113,585 shares in the company, valued at approximately $4,853,487.05. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 188,720 shares of company stock worth $8,046,240. 0.53% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in MU. Capital Research Global Investors raised its position in Micron Technology by 386.6% in the 2nd quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock valued at $1,188,259,000 after buying an additional 31,616,346 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Micron Technology by 292.8% during the 2nd quarter. Janus Henderson Group PLC now owns 11,850,988 shares of the semiconductor manufacturer’s stock worth $353,885,000 after purchasing an additional 8,834,274 shares during the last quarter. BT Investment Management Ltd acquired a new position in shares of Micron Technology during the 2nd quarter worth approximately $95,449,000. Greenlight Capital Inc. increased its position in shares of Micron Technology by 89.5% during the 3rd quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock worth $197,511,000 after purchasing an additional 2,371,900 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Micron Technology by 68.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,403,321 shares of the semiconductor manufacturer’s stock worth $101,623,000 after purchasing an additional 1,384,718 shares during the last quarter. 80.89% of the stock is currently owned by institutional investors and hedge funds.

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