Micron Technology (NASDAQ:MU) Given New $110.00 Price Target at Citigroup

Micron Technology (NASDAQ:MU - Free Report) had its price target trimmed by Citigroup from $120.00 to $110.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer's stock.

Other research analysts have also recently issued reports about the company. Wedbush reaffirmed an "outperform" rating and set a $125.00 price objective on shares of Micron Technology in a research report on Monday, March 17th. Barclays upped their target price on shares of Micron Technology from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Piper Sandler cut their price target on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. JPMorgan Chase & Co. decreased their price objective on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Finally, The Goldman Sachs Group cut 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and an average price target of $129.36.

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Micron Technology Stock Up 0.9 %

Shares of Micron Technology stock traded up $0.66 on Friday, reaching $71.68. 3,396,963 shares of the company were exchanged, compared to its average volume of 23,204,288. The stock's 50 day moving average price is $90.21 and its 200-day moving average price is $96.75. 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 1-year low of $61.54 and a 1-year high of $157.54. The company has a market cap of $80.10 billion, a P/E ratio of 20.54 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping 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 company had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same quarter in the previous year, the business posted $0.42 EPS. The firm's revenue was up 38.2% on a year-over-year basis. As a group, equities analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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. 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 0.64%. Micron Technology's dividend payout ratio is presently 11.03%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $1,470,875,000. Capital World Investors boosted its position in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. FMR LLC grew its stake in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after acquiring an additional 12,249,341 shares during the period. Capital Research Global Investors raised its holdings in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. 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.