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

Micron Technology (NASDAQ:MU) had its target price cut by research analysts at Citigroup from $150.00 to $120.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price target points to a potential upside of 26.42% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird increased their target price on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a report on Friday. The Goldman Sachs Group reduced their price objective on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Rosenblatt Securities decreased their target price on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday. Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. Finally, Needham & Company LLC decreased their price objective on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $132.92.

Micron Technology Trading Down 7.8 %

Shares of NASDAQ MU traded down $8.08 during trading on Friday, reaching $94.92. The stock had a trading volume of 47,286,518 shares, compared to its average volume of 22,777,904. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company has a market cap of $105.76 billion, a P/E ratio of 27.35 and a beta of 1.23. Micron Technology has a fifty-two week low of $83.54 and a fifty-two week high of $157.54. The business’s 50-day moving average price is $96.92 and its 200-day moving average price is $98.22.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. Micron Technology’s revenue was up 38.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. On average, equities research analysts predict that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently made changes to their positions in MU. Norges Bank acquired a new position in Micron Technology in the 4th quarter valued at $1,470,875,000. Capital World Investors boosted its holdings in shares of Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares in the last quarter. FMR LLC increased its stake in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after acquiring an additional 12,249,341 shares during the period. Capital Research Global Investors raised its holdings in Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares in the last quarter. Finally, Capital International Investors lifted its position in Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.