Wall Street brokerages expect that Micron Technology, Inc. (NASDAQ:MU – Get Rating) will post sales of $8.69 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Micron Technology’s earnings, with estimates ranging from $8.59 billion to $8.72 billion. Micron Technology posted sales of $7.42 billion in the same quarter last year, which would indicate a positive year over year growth rate of 17.1%. The company is expected to announce its next earnings results on Monday, January 1st.
On average, analysts expect that Micron Technology will report full-year sales of $33.55 billion for the current financial year, with estimates ranging from $32.71 billion to $34.05 billion. For the next year, analysts anticipate that the company will report sales of $39.42 billion, with estimates ranging from $32.59 billion to $41.67 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Micron Technology.
Micron Technology (NASDAQ:MU – Get Rating) last issued its quarterly earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.20. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. The company had revenue of $7.79 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same period last year, the company earned $0.90 earnings per share. Micron Technology’s revenue was up 25.6% on a year-over-year basis.
MU has been the subject of a number of research reports. Wedbush raised Micron Technology from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $100.00 to $120.00 in a report on Monday, February 14th. Morgan Stanley upped their target price on Micron Technology from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 30th. Rosenblatt Securities reiterated a “buy” rating and set a $165.00 price target on shares of Micron Technology in a research report on Wednesday, March 30th. Mizuho boosted their price target on Micron Technology from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday, March 30th. Finally, Sanford C. Bernstein upgraded Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 target price for the company in a report on Wednesday, March 16th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Buy” and an average target price of $112.92.
Shares of Micron Technology stock opened at $68.90 on Friday. Micron Technology has a 12 month low of $65.67 and a 12 month high of $98.45. The firm has a market cap of $76.94 billion, a P/E ratio of 8.67, a P/E/G ratio of 0.24 and a beta of 1.18. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average price is $73.18 and its 200-day moving average price is $81.28.
The company also recently announced a quarterly dividend, which was paid on Tuesday, April 26th. Investors of record on Monday, April 11th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Friday, April 8th. Micron Technology’s dividend payout ratio (DPR) is presently 5.03%.
In related news, SVP April S. Arnzen sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $76.00, for a total value of $425,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in MU. Sanders Capital LLC boosted its stake in Micron Technology by 1.6% in the 1st quarter. Sanders Capital LLC now owns 41,921,490 shares of the semiconductor manufacturer’s stock worth $3,551,295,000 after purchasing an additional 646,950 shares during the period. EP Wealth Advisors LLC raised its holdings in shares of Micron Technology by 152.8% in the 1st quarter. EP Wealth Advisors LLC now owns 21,674 shares of the semiconductor manufacturer’s stock valued at $1,688,000 after purchasing an additional 13,102 shares during the period. Toroso Investments LLC raised its holdings in shares of Micron Technology by 63.2% in the 1st quarter. Toroso Investments LLC now owns 43,954 shares of the semiconductor manufacturer’s stock valued at $3,424,000 after purchasing an additional 17,022 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Micron Technology by 6.3% in the 1st quarter. Chicago Partners Investment Group LLC now owns 8,375 shares of the semiconductor manufacturer’s stock valued at $595,000 after purchasing an additional 493 shares during the period. Finally, CALIFORNIA FIRST LEASING Corp raised its holdings in Micron Technology by 45.2% in the 1st quarter. CALIFORNIA FIRST LEASING Corp now owns 81,300 shares of the semiconductor manufacturer’s stock valued at $6,333,000 after acquiring an additional 25,300 shares during the period. 80.35% of the stock is owned by institutional investors.
Micron Technology Company Profile (Get Rating)
Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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