Micron Technology (NASDAQ:MU) Price Target Cut to $110.00 by Analysts at Citigroup

Micron Technology (NASDAQ:MU) had its target price cut by Citigroup from $120.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price target would suggest a potential upside of 58.16% from the company’s previous close.

A number of other equities research analysts also recently issued reports on MU. Morgan Stanley upped their price objective on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. lowered their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Mizuho reduced their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Finally, TD Cowen decreased their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $129.36.

Micron Technology Price Performance

NASDAQ MU traded down $0.50 during trading hours on Friday, reaching $69.55. The company’s stock had a trading volume of 30,233,413 shares, compared to its average volume of 23,239,598. Micron Technology has a 1 year low of $61.54 and a 1 year high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $77.73 billion, a price-to-earnings ratio of 20.04 and a beta of 1.18. The firm’s 50-day moving average price is $91.08 and its 200-day moving average price is $97.27.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results 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. The business had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. 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 business posted $0.42 EPS. On average, equities research analysts predict that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology 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 sale, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. WealthBridge Investment Counsel Inc. lifted its position in shares of Micron Technology by 130.5% during the 1st quarter. WealthBridge Investment Counsel Inc. now owns 24,875 shares of the semiconductor manufacturer’s stock valued at $2,161,000 after buying an additional 14,085 shares in the last quarter. Joule Financial LLC boosted its stake in shares of Micron Technology by 150.0% in the first quarter. Joule Financial LLC now owns 13,854 shares of the semiconductor manufacturer’s stock worth $1,204,000 after acquiring an additional 8,313 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of Micron Technology by 200.2% in the first quarter. Gateway Investment Advisers LLC now owns 192,308 shares of the semiconductor manufacturer’s stock worth $16,710,000 after buying an additional 128,256 shares in the last quarter. Independence Bank of Kentucky boosted its position in Micron Technology by 2.5% during the first quarter. Independence Bank of Kentucky now owns 12,093 shares of the semiconductor manufacturer’s stock worth $1,051,000 after acquiring an additional 295 shares during the last quarter. Finally, City State Bank grew its stake in Micron Technology by 1.8% during the 1st quarter. City State Bank now owns 16,925 shares of the semiconductor manufacturer’s stock valued at $1,471,000 after acquiring an additional 305 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.