Brokerages forecast that Micron Technology, Inc. (NASDAQ:MU – Get Rating) will post $8.69 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Micron Technology’s earnings, with the highest sales estimate coming in at $8.72 billion and the lowest estimate coming in at $8.59 billion. Micron Technology reported sales of $7.42 billion in the same quarter last year, which would suggest a positive year over year growth rate of 17.1%. The company is scheduled to report its next earnings results on Monday, January 1st.
According to Zacks, 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 fiscal year, analysts forecast that the business will report sales of $39.42 billion, with estimates ranging from $32.59 billion to $41.67 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Micron Technology.
Micron Technology (NASDAQ:MU – Get Rating) last posted its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.17. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The firm had revenue of $7.79 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The business’s quarterly revenue was up 25.6% on a year-over-year basis.
A number of brokerages have recently weighed in on MU. Rosenblatt Securities reissued a “buy” rating and set a $165.00 price target on shares of Micron Technology in a research report on Wednesday, March 30th. The Goldman Sachs Group boosted their price objective on shares of Micron Technology from $101.00 to $116.00 and gave the stock a “buy” rating in a research note on Monday, January 10th. New Street Research initiated coverage on shares of Micron Technology in a research note on Monday, January 10th. They set a “buy” rating and a $135.00 price objective on the stock. Susquehanna initiated coverage on shares of Micron Technology in a research note on Wednesday, March 30th. They issued a “buy” rating and a $125.00 price target on the stock. Finally, Mizuho upped their price target on shares of Micron Technology from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, March 30th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $113.32.
In other news, SVP April S. Arnzen sold 5,600 shares of the stock in a transaction 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 document filed with the SEC, which is accessible through this hyperlink. Also, SVP Robert P. Beard sold 266 shares of the stock in a transaction on Wednesday, February 16th. The stock was sold at an average price of $96.17, for a total transaction of $25,581.22. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in MU. OLD Mission Capital LLC purchased a new position in shares of Micron Technology in the third quarter valued at approximately $251,000. New World Advisors LLC acquired a new stake in shares of Micron Technology in the 3rd quarter worth approximately $339,000. Financial Advocates Investment Management grew its holdings in Micron Technology by 1.8% during the 3rd quarter. Financial Advocates Investment Management now owns 8,379 shares of the semiconductor manufacturer’s stock valued at $595,000 after buying an additional 147 shares during the last quarter. Capital Analysts LLC grew its holdings in Micron Technology by 38.6% during the 3rd quarter. Capital Analysts LLC now owns 575 shares of the semiconductor manufacturer’s stock valued at $41,000 after buying an additional 160 shares during the last quarter. Finally, Almanack Investment Partners LLC. acquired a new stake in Micron Technology during the 3rd quarter valued at $464,000. Institutional investors and hedge funds own 76.07% of the company’s stock.
NASDAQ:MU opened at $68.19 on Friday. 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 has a market capitalization of $76.15 billion, a P/E ratio of 8.58, a price-to-earnings-growth ratio of 0.24 and a beta of 1.16. The firm has a 50 day moving average of $77.02 and a 200-day moving average of $81.08. Micron Technology has a 1 year low of $65.67 and a 1 year high of $98.45.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 26th. Shareholders of record on Monday, April 11th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, April 8th. This represents a $0.40 annualized dividend and a yield of 0.59%. Micron Technology’s dividend payout ratio (DPR) is 5.03%.
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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