Micron Technology (NASDAQ:MU) Price Target Raised to $130.00 at Citigroup

Micron Technology (NASDAQ:MU) had its price objective increased by Citigroup from $110.00 to $130.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other brokerages also recently weighed in on MU. Barclays cut their price target on Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. China Renaissance lowered shares of Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a research note on Wednesday, March 26th. JPMorgan Chase & Co. reduced their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Robert W. Baird lifted their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday, March 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $129.00.

Micron Technology Price Performance

MU opened at $110.95 on Monday. The stock’s 50-day moving average price is $84.42 and its 200 day moving average price is $92.11. Micron Technology has a 12-month low of $61.54 and a 12-month high of $157.54. The firm has a market cap of $123.99 billion, a price-to-earnings ratio of 31.97 and a beta of 1.28. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $7.93 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. As a group, sell-side analysts expect that Micron Technology will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology’s payout ratio is 11.03%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now directly owns 24,954 shares of the company’s stock, valued at approximately $1,996,320. The trade was a 8.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company’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 transaction, the executive vice president now owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. The trade was a 8.34% decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently added to or reduced their stakes in MU. Brighton Jones LLC increased its position in Micron Technology by 18.3% during the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock worth $532,000 after purchasing an additional 976 shares during the period. Apollon Wealth Management LLC lifted its stake in shares of Micron Technology by 1.1% in the fourth quarter. Apollon Wealth Management LLC now owns 24,716 shares of the semiconductor manufacturer’s stock valued at $2,080,000 after purchasing an additional 271 shares during the period. Kingsview Wealth Management LLC lifted its stake in shares of Micron Technology by 7.3% in the fourth quarter. Kingsview Wealth Management LLC now owns 4,867 shares of the semiconductor manufacturer’s stock valued at $410,000 after purchasing an additional 330 shares during the period. Empowered Funds LLC boosted its holdings in Micron Technology by 13.2% during the fourth quarter. Empowered Funds LLC now owns 61,364 shares of the semiconductor manufacturer’s stock worth $5,164,000 after buying an additional 7,176 shares in the last quarter. Finally, Quotient Wealth Partners LLC grew its position in Micron Technology by 6.5% during the fourth quarter. Quotient Wealth Partners LLC now owns 2,694 shares of the semiconductor manufacturer’s stock worth $227,000 after buying an additional 165 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.