Micron Technology (NASDAQ:MU) PT Lowered to $150.00 at Citigroup

Micron Technology (NASDAQ:MU) had its price objective lowered by Citigroup from $175.00 to $150.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other research analysts have also recently issued reports on MU. UBS Group decreased their price objective on shares of Micron Technology from $153.00 to $135.00 and set a buy rating on the stock in a research note on Tuesday. Bank of America lifted their price target on Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a research note on Monday, June 17th. Wedbush reissued an outperform rating and set a $170.00 price target on shares of Micron Technology in a report on Thursday, June 27th. Cantor Fitzgerald raised their price objective on Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a research note on Monday, June 17th. Finally, The Goldman Sachs Group lifted their target price on Micron Technology from $138.00 to $158.00 and gave the company a buy rating in a research report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $145.65.

Micron Technology Stock Performance

NASDAQ:MU opened at $90.90 on Tuesday. The company has a market cap of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. Micron Technology has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a fifty day moving average price of $99.81 and a 200-day moving average price of $114.56.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the business posted ($1.57) earnings per share. Micron Technology’s revenue was up 81.5% compared to the same quarter last year. As a group, equities analysts anticipate that Micron Technology will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.51%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is presently -32.39%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Clearbridge Investments LLC lifted its position in shares of Micron Technology by 1.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after acquiring an additional 20,741 shares during the period. Chapin Davis Inc. bought a new position in shares of Micron Technology during the 2nd quarter worth about $4,056,000. Norden Group LLC grew its stake in shares of Micron Technology by 1,916.7% in the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after buying an additional 47,648 shares during the period. TCW Group Inc. increased its position in Micron Technology by 5.7% in the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after buying an additional 28,649 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its stake in Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after buying an additional 5,958 shares during the period. 80.84% of the stock is owned by institutional investors.

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.