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

Micron Technology (NASDAQ:MU) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $145.00 to $135.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 42.20% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Morgan Stanley upped their price objective on Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a report on Friday. Stifel Nicolaus decreased their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Mizuho dropped their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. TD Cowen decreased their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Finally, Robert W. Baird lifted their price target on Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $133.92.

Micron Technology Price Performance

Shares of MU stock traded down $8.06 during mid-day trading on Friday, hitting $94.94. The company had a trading volume of 38,873,218 shares, compared to its average volume of 22,315,059. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The stock’s 50 day moving average price is $96.92 and its 200-day moving average price is $98.22. Micron Technology has a 52-week low of $83.54 and a 52-week high of $157.54. The company has a market capitalization of $105.78 billion, a P/E ratio of 27.36 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue was up 38.2% on a year-over-year basis. Equities research analysts forecast that Micron Technology will post 6.08 earnings per share for the current year.

Insider Buying and Selling at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the 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. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Harmony Asset Management LLC raised its holdings in Micron Technology by 75.6% in the third quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after purchasing an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. lifted its position in Micron Technology by 241.7% during the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock valued at $4,252,000 after acquiring an additional 29,000 shares during the last quarter. E Fund Management Co. Ltd. boosted its stake in Micron Technology by 31.8% in the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock valued at $3,062,000 after acquiring an additional 8,780 shares in the last quarter. Stablepoint Partners LLC acquired a new stake in Micron Technology in the fourth quarter valued at approximately $569,000. Finally, State Street Corp grew its holdings in Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.