Micron Technology (NASDAQ:MU) Given New $150.00 Price Target at Citigroup

Micron Technology (NASDAQ:MU) had its target price lifted by Citigroup from $130.00 to $150.00 in a research report released on Thursday morning, Marketbeat reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other research analysts also recently issued reports on the company. China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a report on Wednesday, March 26th. Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and lifted their price objective for the stock from $130.00 to $150.00 in a research report on Friday, June 20th. UBS Group boosted their target price on Micron Technology from $92.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 5th. Rosenblatt Securities raised their price target on Micron Technology from $172.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $144.67.

Micron Technology Stock Down 1.0%

Shares of Micron Technology stock opened at $126.00 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.99 and a current ratio of 3.13. Micron Technology has a 52-week low of $61.54 and a 52-week high of $137.39. The company’s 50 day moving average price is $97.59 and its 200-day moving average price is $94.05. The stock has a market capitalization of $140.81 billion, a price-to-earnings ratio of 22.70 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.88%. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same quarter last year, the firm earned $0.62 EPS. Equities research analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology’s dividend payout ratio is 11.03%.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction dated 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 owns 24,954 shares in the company, valued at $1,996,320. The trade was a 8.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the sale, the executive vice president now owns 148,167 shares of the company’s stock, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,404 shares of company stock worth $8,509,167. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MU. Xcel Wealth Management LLC increased its holdings in shares of Micron Technology by 1.8% in the 4th quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock valued at $518,000 after acquiring an additional 108 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in shares of Micron Technology by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock valued at $250,000 after purchasing an additional 108 shares during the last quarter. Twin Capital Management Inc. boosted its position in shares of Micron Technology by 0.5% in the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer’s stock worth $1,688,000 after purchasing an additional 108 shares in the last quarter. D.B. Root & Company LLC grew its stake in Micron Technology by 3.7% during the 1st quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer’s stock worth $262,000 after buying an additional 108 shares during the last quarter. Finally, Cim Investment Management Inc. increased its position in Micron Technology by 0.5% during the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer’s stock valued at $1,941,000 after buying an additional 114 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

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.