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

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

A number of other analysts also recently weighed in on MU. Wall Street Zen downgraded Micron Technology from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Micron Technology in a research report on Monday, April 28th. UBS Group boosted their price target on Micron Technology from $92.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. Royal Bank of Canada set a $125.00 price target on Micron Technology in a research note on Wednesday, March 19th. Finally, Rosenblatt Securities cut their price objective on Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given 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 target price of $129.00.

Micron Technology Trading Up 2.2%

NASDAQ:MU opened at $110.95 on Monday. The firm has a 50-day simple moving average of $84.42 and a 200-day simple moving average of $92.11. Micron Technology has a one year low of $61.54 and a one year high of $157.54. The firm has a market cap of $123.99 billion, a P/E ratio of 31.97 and a beta of 1.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data 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 business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the previous year, the firm posted $0.42 earnings per share. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. Equities analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Activity

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the sale, the director now owns 24,954 shares of the company’s stock, valued at $1,996,320. This trade represents a 8.79% 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC grew 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 position in 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 buying an additional 271 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in Micron Technology by 7.3% during the fourth quarter. Kingsview Wealth Management LLC now owns 4,867 shares of the semiconductor manufacturer’s stock worth $410,000 after buying an additional 330 shares during the period. Empowered Funds LLC boosted its stake 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 during the period. Finally, Quotient Wealth Partners LLC increased its position in shares of Micron Technology by 6.5% during the fourth quarter. Quotient Wealth Partners LLC now owns 2,694 shares of the semiconductor manufacturer’s stock valued at $227,000 after acquiring an additional 165 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other 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.