Citigroup Issues Pessimistic Forecast for Micron Technology (NASDAQ:MU) Stock Price

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

A number of other research analysts have also commented on the company. Sanford C. Bernstein decreased 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. Piper Sandler lowered their price objective on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Bank of America cut Micron Technology from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. UBS Group lifted 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. Finally, Morgan Stanley increased their price objective on shares of Micron Technology from $91.00 to $112.00 and gave the company an "equal weight" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $132.63.

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Micron Technology Price Performance

Shares of MU stock traded down $2.76 during trading hours on Friday, hitting $94.18. 22,151,471 shares of the company's stock were exchanged, compared to its average volume of 22,527,407. Micron Technology has a 52 week low of $83.54 and a 52 week high of $157.54. The stock has a market cap of $104.93 billion, a price-to-earnings ratio of 27.14 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The stock's 50-day moving average is $96.86 and its 200-day moving average is $98.40.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same quarter last year, the company posted $0.42 EPS. The company's quarterly revenue was up 38.2% compared to the same quarter last year. As a group, research analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business 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 $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of the company. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the fourth quarter worth $26,000. Stone House Investment Management LLC increased its stake in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock valued at $34,000 after buying an additional 277 shares during the last quarter. True Wealth Design LLC lifted its position in 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 buying an additional 296 shares in the last quarter. Beacon Capital Management LLC boosted its stake 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 worth $31,000 after buying 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 about $39,000. 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.