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

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

A number of other equities analysts have also recently issued reports on MU. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. Morgan Stanley lifted 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a report on Friday. Wedbush reaffirmed an “outperform” rating and set a $125.00 price target on shares of Micron Technology in a report on Monday, March 17th. Finally, Sanford C. Bernstein cut their price target on Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $94.72 on Friday. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $96.82 and its two-hundred day moving average price is $98.21. Micron Technology has a 52-week low of $83.54 and a 52-week high of $157.54. The stock has a market capitalization of $105.53 billion, a P/E ratio of 27.30 and a beta of 1.23.

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

Micron Technology Dividend Announcement

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

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred 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 in the company, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fairtree Asset Management Pty Ltd purchased a new position in Micron Technology during the 4th quarter worth approximately $554,000. Wealth Enhancement Advisory Services LLC grew its position in Micron Technology by 10.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer’s stock worth $29,507,000 after purchasing an additional 32,502 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its stake in shares of Micron Technology by 6.3% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer’s stock valued at $3,198,000 after buying an additional 2,264 shares during the period. PKO Investment Management Joint Stock Co acquired a new stake in shares of Micron Technology during the 4th quarter valued at $6,060,000. Finally, Centaurus Financial Inc. boosted its stake in shares of Micron Technology by 52.2% during the 4th quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer’s stock valued at $3,733,000 after buying an additional 15,216 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.