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

Micron Technology (NASDAQ:MU) had its price objective trimmed by Citigroup from $150.00 to $120.00 in a report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other reports. Sanford C. Bernstein cut their price objective on Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Rosenblatt Securities dropped their target price on Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday. The Goldman Sachs Group dropped their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Morgan Stanley lifted their target price on Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 target price on shares of Micron Technology in a research report on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Trading Down 8.0 %

NASDAQ:MU opened at $94.72 on Friday. The business’s 50-day moving average is $96.82 and its two-hundred day moving average is $98.21. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology has a 12 month low of $83.54 and a 12 month high of $157.54. The firm has a market capitalization of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $7.93 billion. During the same period last year, the company posted $0.42 earnings per share. The firm’s revenue was up 38.2% compared to the same quarter last year. Research analysts predict that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently made changes to their positions in MU. Fairtree Asset Management Pty Ltd bought a new stake in Micron Technology during the fourth quarter worth approximately $554,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Micron Technology by 10.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer’s stock valued at $29,507,000 after buying an additional 32,502 shares in the last quarter. NorthCrest Asset Manangement LLC increased its holdings in shares of Micron Technology by 6.3% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer’s stock valued at $3,198,000 after buying an additional 2,264 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new position in shares of Micron Technology in the fourth quarter valued at $6,060,000. Finally, Centaurus Financial Inc. increased its holdings in shares of Micron Technology by 52.2% in the fourth quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer’s stock valued at $3,733,000 after buying an additional 15,216 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

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.