Micron Technology (NASDAQ:MU) Price Target Cut to $150.00

Micron Technology (NASDAQ:MU) had its price target trimmed by Citigroup from $175.00 to $150.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $130.00 to $180.00 and gave the company an overweight rating in a research report on Thursday, June 27th. UBS Group lowered their price objective on shares of Micron Technology from $153.00 to $135.00 and set a buy rating for the company in a research report on Tuesday. The Goldman Sachs Group raised their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the stock a buy rating in a report on Thursday, June 27th. Morgan Stanley reduced their target price on shares of Micron Technology from $140.00 to $100.00 and set an equal weight rating for the company in a research note on Monday, September 16th. Finally, KeyCorp dropped their price target on Micron Technology from $165.00 to $145.00 and set an overweight rating on the stock in a research note on Tuesday, August 6th. 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 stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $145.65.

Micron Technology Stock Up 1.8 %

Shares of NASDAQ MU opened at $90.90 on Tuesday. The firm has a 50 day moving average price of $99.81 and a 200 day moving average price of $114.56. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a market cap of $100.79 billion, a P/E ratio of -64.01 and a beta of 1.17. Micron Technology has a 52-week low of $63.83 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.57) EPS. Analysts expect that Micron Technology will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is currently -32.39%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. Vanguard Group Inc. lifted its holdings in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after purchasing an additional 1,681,815 shares during the last quarter. Capital World Investors lifted its holdings in shares of Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after buying an additional 1,400,154 shares in the last quarter. Sanders Capital LLC boosted its position in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares during the period. Capital International Investors grew its stake in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. 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.