Micron Technology (MU) Downgraded by Citigroup

Micron Technology (NASDAQ:MU) was downgraded by analysts at Citigroup from a “neutral” rating to a “sell” rating in a research report issued on Thursday, MarketBeat Ratings reports. They presently have a $30.00 target price on the semiconductor manufacturer’s stock, down from their previous target price of $35.00. Citigroup‘s price target points to a potential downside of 30.51% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Bank of America set a $55.00 price target on shares of Micron Technology and gave the stock a “buy” rating in a research report on Monday, December 17th. Deutsche Bank reduced their price target on shares of Micron Technology from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, December 19th. Mizuho reduced their price target on shares of Micron Technology to $54.00 and set a “buy” rating on the stock in a research report on Thursday, November 29th. MKM Partners reduced their price target on shares of Micron Technology from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, December 19th. Finally, Macquarie restated a “buy” rating on shares of Micron Technology in a report on Thursday, December 20th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology presently has an average rating of “Buy” and a consensus target price of $57.63.

MU stock traded up $3.04 during midday trading on Thursday, reaching $43.17. The company’s stock had a trading volume of 22,585,931 shares, compared to its average volume of 26,917,396. Micron Technology has a 52 week low of $28.39 and a 52 week high of $64.66. The stock has a market cap of $45.26 billion, a PE ratio of 3.65, a PEG ratio of 0.86 and a beta of 1.87. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.15 and a current ratio of 2.90.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Micron Technology had a net margin of 46.82% and a return on equity of 48.58%. The firm had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $5.82 billion. During the same period last year, the firm earned $2.82 earnings per share. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. As a group, sell-side analysts predict that Micron Technology will post 7.39 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund boosted its holdings in Micron Technology by 4,548.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 28,730,753 shares of the semiconductor manufacturer’s stock valued at $905,000 after purchasing an additional 28,112,651 shares during the period. Capital World Investors bought a new stake in Micron Technology in the 3rd quarter valued at about $1,136,492,000. AQR Capital Management LLC boosted its holdings in Micron Technology by 75.5% in the 3rd quarter. AQR Capital Management LLC now owns 28,530,556 shares of the semiconductor manufacturer’s stock valued at $1,290,438,000 after purchasing an additional 12,269,445 shares during the period. Norges Bank bought a new stake in Micron Technology in the 4th quarter valued at about $365,896,000. Finally, Sanders Capital LLC bought a new stake in Micron Technology in the 4th quarter valued at about $159,335,000. 74.99% of the stock is owned by institutional investors and hedge funds.

Micron Technology Company Profile

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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