Micron Technology (NASDAQ:MU) Price Target Lowered to $120.00 at Citigroup

Micron Technology (NASDAQ:MU) had its price target decreased by Citigroup from $150.00 to $120.00 in a research report report published on Friday,Benzinga reports. Citigroup currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other brokerages have also recently weighed in on MU. Cantor Fitzgerald restated an “overweight” rating and set a $130.00 price objective on shares of Micron Technology in a research note on Friday. UBS Group raised their target price on shares of Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, March 17th. Robert W. Baird upped their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday. Stifel Nicolaus reduced their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. dropped their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $132.63.

Micron Technology Trading Down 8.0 %

Shares of NASDAQ:MU opened at $94.72 on Friday. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $96.82 and its 200 day moving average price is $98.34. The company has a market cap of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23. Micron Technology has a fifty-two week low of $83.54 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the previous year, the company posted $0.42 earnings per share. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is currently 11.03%.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

Institutional Trading of Micron Technology

Institutional investors have recently added to or reduced their stakes in the business. Sunbeam Capital Management LLC bought a new position in shares of Micron Technology during the 4th quarter valued at $26,000. Stone House Investment Management LLC lifted its position in shares of Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 277 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Beacon Capital Management LLC increased its holdings in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after acquiring an additional 200 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in shares of Micron Technology in the 3rd quarter valued at approximately $39,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.