Micron Technology (NASDAQ:MU) Given New $120.00 Price Target at Citigroup

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

Several other brokerages have also recently issued reports on MU. JPMorgan Chase & Co. dropped their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday. Sanford C. Bernstein dropped their price target 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. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a research report on Monday, March 17th. Morgan Stanley boosted their price target on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, UBS Group boosted their price target on Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Stock Down 8.0 %

MU opened at $94.72 on Friday. The business’s 50-day simple moving average is $96.82 and its 200-day simple moving average is $98.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology has a one year low of $83.54 and a one year high of $157.54. The stock has a market capitalization of $105.53 billion, a P/E ratio of 27.30 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping 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 business 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 firm earned $0.42 earnings per share. The business’s revenue was up 38.2% compared to the same quarter last year. Analysts anticipate that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s payout ratio is currently 13.26%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction 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 transaction, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MU. Swedbank AB increased its holdings in shares of Micron Technology by 30.4% during the 3rd quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock worth $358,403,000 after buying an additional 806,639 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Micron Technology by 1,485.2% during the 3rd quarter. Quest Partners LLC now owns 8,243 shares of the semiconductor manufacturer’s stock worth $855,000 after buying an additional 7,723 shares during the last quarter. Commerce Bank increased its holdings in shares of Micron Technology by 4.0% during the 3rd quarter. Commerce Bank now owns 53,417 shares of the semiconductor manufacturer’s stock worth $5,540,000 after buying an additional 2,068 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth $1,114,000. Finally, Darwin Wealth Management LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth $39,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

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.