Micron Technology (NASDAQ:MU) Price Target Cut to $120.00 by Analysts at Citigroup

Micron Technology (NASDAQ:MU - Free Report) had its target price 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 research analysts also recently weighed in on MU. UBS Group upped their price target on shares of Micron Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, March 17th. The Goldman Sachs Group reduced their target price on Micron Technology from $145.00 to $128.00 and set a "buy" rating for the company in a report on Thursday, December 19th. TD Cowen lowered their price target on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Cantor Fitzgerald reissued an "overweight" rating and issued a $130.00 price objective on shares of Micron Technology in a research note on Friday. Finally, Wedbush reaffirmed an "outperform" rating and set a $125.00 target price on shares of Micron Technology in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Micron Technology currently has an average rating of "Moderate Buy" and an average target price of $132.63.

Remove Ads

Micron Technology Price Performance

MU stock traded up $1.85 during mid-day trading on Friday, reaching $96.57. 18,774,591 shares of the company's stock were exchanged, compared to its average volume of 22,488,124. 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 stock's 50 day moving average is $96.82 and its 200 day moving average is $98.34. The company has a market cap of $107.59 billion, a price-to-earnings ratio of 27.88 and a beta of 1.23.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm's revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 EPS. On average, research analysts expect that Micron Technology will post 6.08 EPS 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 given a $0.115 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.48%. Micron Technology's payout ratio is currently 11.03%.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the company's 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 directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. Sunbeam Capital Management LLC purchased a new stake in Micron Technology during the fourth quarter worth about $26,000. Beacon Capital Management LLC lifted its holdings in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after buying an additional 200 shares in the last quarter. True Wealth Design LLC grew its stake in shares of Micron Technology by 1,096.3% in the third 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. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology during the fourth quarter worth $33,000. Finally, Stone House Investment Management LLC boosted its holdings in Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock valued at $34,000 after purchasing an additional 277 shares during the period. Institutional investors and hedge funds 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.