Micron Technology (NASDAQ:MU) Price Target Lowered to $135.00 at JPMorgan Chase & Co.

Micron Technology (NASDAQ:MU) had its price objective cut by JPMorgan Chase & Co. from $145.00 to $135.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other research analysts also recently issued reports on the company. Sanford C. Bernstein cut their price objective on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. Stifel Nicolaus cut their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. TD Cowen cut their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Finally, Morgan Stanley boosted their price target on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $94.72 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology has a 12 month low of $83.54 and a 12 month high of $157.54. The firm has a market capitalization of $105.53 billion, a price-to-earnings ratio of 27.30 and a beta of 1.23. The business’s 50 day simple moving average is $96.82 and its 200-day simple moving average is $98.21.

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

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.49%. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Activity at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

Several large investors have recently modified their holdings of MU. Swedbank AB grew its stake in shares of Micron Technology by 30.4% during the third quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after acquiring an additional 806,639 shares in the last quarter. Quest Partners LLC grew its stake in Micron Technology by 1,485.2% in the third quarter. Quest Partners LLC now owns 8,243 shares of the semiconductor manufacturer’s stock worth $855,000 after purchasing an additional 7,723 shares in the last quarter. Commerce Bank grew its stake in Micron Technology by 4.0% in the third quarter. Commerce Bank now owns 53,417 shares of the semiconductor manufacturer’s stock worth $5,540,000 after purchasing an additional 2,068 shares in the last quarter. Jennison Associates LLC acquired a new position in Micron Technology in the third quarter worth about $1,114,000. Finally, Darwin Wealth Management LLC acquired a new position in Micron Technology in the third quarter worth about $39,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.