5 Best Cheap Semiconductor Stocks to Buy and Hold

2. Micron Technology, Inc. (NASDAQ:MU)

PE Ratio as of August 29: 6.63

Number of Hedge Fund Holders: 69

On July 6, Micron Technology, Inc. (NASDAQ:MU) launched its DDR5 server DRAM for commercial and industrial applications. The company’s new DRAM delivers a performance speedup of 85% over its previous generations of DDR4 DRAM. The company’s DDR5 DRAM is one of the most high-end memory-efficient rams on the market for applications of artificial intelligence, high-performance computing, and other data-intensive use cases.

On July 26, Micron Technology, Inc. (NASDAQ:MU) commenced full-volume production of its 232-layer NAND. This is the first 232-layer NAND on the market and is designed to deliver higher areal density and capacity, together with improved energy efficiency over the company’s previous NANDs.

On August 10, Deutsche Bank analyst Sidney Ho lowered his price target on Micron Technology, Inc. (NASDAQ:MU) to $68 from $70 and maintained a ‘Buy’ rating on the shares.

As of August 29, Micron Technology, Inc. (NASDAQ:MU) has a trailing twelve-month PE ratio of 6.63x, while its shares boast a forward dividend yield of 0.80%, which the company supports with free cash flow of $4.81 billion.

At the close of the second quarter of 2022, 69 hedge funds were bullish on Micron Technology, Inc. (NASDAQ:MU), holding stakes worth $2.16 billion. Of those, Matrix Capital Management was the top stakeholder in the company with a position worth $221 million. As of June 30, the fund owns 4 million shares of Micron Technology, Inc. (NASDAQ:MU).