Citigroup Has Lowered Expectations for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its target price decreased by analysts at Citigroup from $150.00 to $120.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price objective indicates a potential upside of 26.69% from the stock’s previous close.

A number of other research analysts have also weighed in on MU. Mizuho reduced their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Sanford C. Bernstein reduced their price objective on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. JPMorgan Chase & Co. reduced their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday. Rosenblatt Securities reduced their price objective on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Friday. Finally, Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $132.63.

Micron Technology Trading Down 8.0 %

NASDAQ:MU opened at $94.72 on Friday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23. The firm’s 50 day moving average is $96.82 and its 200 day moving average is $98.28. Micron Technology has a 12 month low of $83.54 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. Sell-side analysts expect that Micron Technology will post 6.08 earnings per share for the current year.

Insider Transactions 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 Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

Several hedge funds have recently added to or reduced their stakes in the business. Fairtree Asset Management Pty Ltd bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $554,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Micron Technology by 10.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer’s stock valued at $29,507,000 after purchasing an additional 32,502 shares in the last quarter. NorthCrest Asset Manangement LLC increased its stake in shares of Micron Technology by 6.3% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer’s stock valued at $3,198,000 after purchasing an additional 2,264 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $6,060,000. Finally, Centaurus Financial Inc. increased its stake in shares of Micron Technology by 52.2% during the fourth quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer’s stock valued at $3,733,000 after purchasing an additional 15,216 shares in the last quarter. 80.84% of the stock is owned by 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.