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

Micron Technology (NASDAQ:MU) had its target price cut by Citigroup from $175.00 to $150.00 in a research report report published on Tuesday, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other brokerages have also weighed in on MU. Cantor Fitzgerald upped their price target on shares of Micron Technology from $150.00 to $180.00 and gave the stock an overweight rating in a research note on Monday, June 17th. 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 report on Monday, June 17th. Raymond James dropped their price objective on Micron Technology from $160.00 to $125.00 and set an outperform rating on the stock in a research note on Thursday, September 12th. The Goldman Sachs Group raised their target price on Micron Technology from $138.00 to $158.00 and gave the company a buy rating in a research note on Thursday, June 27th. Finally, Piper Sandler boosted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $145.65.

Micron Technology Stock Performance

MU opened at $89.25 on Tuesday. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $100.66 and its 200-day moving average is $114.59. The stock has a market cap of $98.96 billion, a PE ratio of -62.85 and a beta of 1.17. Micron Technology has a twelve month low of $63.83 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.57) EPS. On average, analysts predict that Micron Technology will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. TrinityPoint Wealth LLC raised its holdings in shares of Micron Technology by 33.9% during the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock valued at $2,948,000 after purchasing an additional 8,736 shares in the last quarter. Gladstone Institutional Advisory LLC bought a new position in Micron Technology during the fourth quarter valued at about $241,000. Coldstream Capital Management Inc. lifted its position in shares of Micron Technology by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,702 shares of the semiconductor manufacturer’s stock worth $999,000 after buying an additional 476 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Micron Technology by 12.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,889 shares of the semiconductor manufacturer’s stock worth $332,000 after acquiring an additional 424 shares in the last quarter. Finally, Alpha Family Trust acquired a new position in shares of Micron Technology during the 4th quarter valued at about $535,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.