JPMorgan Chase & Co. Cuts Micron Technology (NASDAQ:MU) Price Target to $145.00

Micron Technology (NASDAQ:MU) had its price target decreased by JPMorgan Chase & Co. from $180.00 to $145.00 in a research note issued to investors on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other research analysts have also recently commented on MU. Citigroup lowered their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. The Goldman Sachs Group dropped their price objective on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday. China Renaissance started coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 target price for the company. UBS Group decreased their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Susquehanna cut their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Trading Up 3.5 %

Shares of MU stock opened at $90.12 on Thursday. Micron Technology has a 12-month low of $79.15 and a 12-month high of $157.54. The firm has a 50 day moving average price of $103.14 and a two-hundred day moving average price of $108.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $100.40 billion, a PE ratio of 132.53 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.95) EPS. As a group, analysts predict that Micron Technology will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date is Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MU. Highline Wealth Partners LLC acquired a new position in Micron Technology in the third quarter valued at $26,000. Davis Capital Management acquired a new position in shares of Micron Technology in the 3rd quarter valued at about $30,000. True Wealth Design LLC boosted its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. DT Investment Partners LLC grew its stake in Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares during the period. Finally, Stone House Investment Management LLC increased its holdings in Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares in the last quarter. 80.84% of the stock is 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.