Citigroup Boosts Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price objective increased by Citigroup from $95.00 to $150.00 in a research note published on Friday, Marketbeat reports. Citigroup currently has a buy rating on the semiconductor manufacturer’s stock.

MU has been the topic of several other reports. Morgan Stanley lifted their price target on shares of Micron Technology from $71.50 to $74.75 and gave the stock an underweight rating in a report on Thursday, December 21st. Evercore ISI lifted their price target on shares of Micron Technology from $90.00 to $100.00 and gave the stock an outperform rating in a report on Thursday, December 21st. Cantor Fitzgerald initiated coverage on shares of Micron Technology in a report on Tuesday, January 23rd. They set an overweight rating and a $100.00 price objective on the stock. UBS Group boosted their price objective on shares of Micron Technology from $90.00 to $95.00 and gave the company a buy rating in a report on Thursday, December 21st. Finally, Rosenblatt Securities reissued a buy rating on shares of Micron Technology in a report on Tuesday, December 19th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $103.67.

Micron Technology Stock Up 0.6 %

Shares of NASDAQ MU opened at $93.78 on Friday. The firm has a 50-day simple moving average of $87.68 and a two-hundred day simple moving average of $78.79. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.53 and a quick ratio of 2.14. Micron Technology has a 1 year low of $56.01 and a 1 year high of $101.85. The company has a market cap of $103.52 billion, a P/E ratio of -14.93 and a beta of 1.24.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 20th. The semiconductor manufacturer reported ($0.95) earnings per share for the quarter, beating the consensus estimate of ($1.01) by $0.06. The firm had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.58 billion. Micron Technology had a negative net margin of 42.47% and a negative return on equity of 14.44%. The company’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Research analysts anticipate that Micron Technology will post -0.86 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 18th. Shareholders of record on Tuesday, January 2nd were given a $0.115 dividend. The ex-dividend date was Friday, December 29th. This represents a $0.46 annualized dividend and a yield of 0.49%. Micron Technology’s dividend payout ratio is presently -7.32%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $86.52, for a total value of $605,640.00. Following the completion of the transaction, the chief executive officer now owns 651,759 shares of the company’s stock, valued at approximately $56,390,188.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Scott J. Deboer sold 28,228 shares of the business’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $87.24, for a total value of $2,462,610.72. Following the completion of the sale, the executive vice president now directly owns 203,342 shares of the company’s stock, valued at $17,739,556.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $86.52, for a total transaction of $605,640.00. Following the completion of the sale, the chief executive officer now directly owns 651,759 shares of the company’s stock, valued at $56,390,188.68. The disclosure for this sale can be found here. Insiders sold 202,228 shares of company stock valued at $18,283,231 in the last 90 days. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $208,000. Vanguard Group Inc. lifted its stake in shares of Micron Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock valued at $8,106,001,000 after buying an additional 755,588 shares during the period. Wahed Invest LLC lifted its stake in shares of Micron Technology by 6.4% during the fourth quarter. Wahed Invest LLC now owns 18,668 shares of the semiconductor manufacturer’s stock valued at $1,593,000 after buying an additional 1,118 shares during the period. SageView Advisory Group LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $587,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $43,000. 79.25% 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.