Analysts forecast that Micron Technology, Inc. (NASDAQ:MU) will announce earnings per share (EPS) of $1.95 for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Micron Technology’s earnings, with estimates ranging from $1.95 to $1.97. Micron Technology reported earnings of $0.98 per share in the same quarter last year, which indicates a positive year over year growth rate of 99%. The business is expected to issue its next quarterly earnings report on Wednesday, March 30th.
According to Zacks, analysts expect that Micron Technology will report full year earnings of $8.91 per share for the current fiscal year, with EPS estimates ranging from $8.64 to $9.31. For the next financial year, analysts anticipate that the firm will post earnings of $10.88 per share, with EPS estimates ranging from $8.40 to $11.88. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Micron Technology.
Micron Technology (NASDAQ:MU) last released its earnings results on Monday, December 20th. The semiconductor manufacturer reported $2.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.05. Micron Technology had a return on equity of 19.01% and a net margin of 24.86%. The business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.68 billion. During the same period last year, the business posted $0.71 earnings per share. The business’s revenue for the quarter was up 33.2% on a year-over-year basis.
Access our premier research platform that includes MarketBeat Daily Premium, portfolio monitoring tools, stock screeners, research tools, a real-time news feed, email and SMS alerts, the MarketBeat Idea Engine, proprietary brokerage rankings, extended data export tools and much more. Save 50% Your 2022 Subscription. Just $1.00 for the first 30 days.
A number of brokerages recently issued reports on MU. Credit Suisse Group boosted their price target on Micron Technology from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, December 21st. Evercore ISI increased their price target on Micron Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, December 13th. Sanford C. Bernstein began coverage on Micron Technology in a report on Monday, October 25th. They issued an “underperform” rating and a $58.00 target price on the stock. Barclays decreased their target price on Micron Technology from $110.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, September 29th. Finally, BMO Capital Markets began coverage on Micron Technology in a research note on Tuesday, December 21st. They issued a “buy” rating and a $115.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $108.16.
Shares of MU stock opened at $94.42 on Monday. The company has a quick ratio of 2.40, a current ratio of 3.10 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $78.94 and a two-hundred day moving average price of $76.58. Micron Technology has a 12-month low of $65.67 and a 12-month high of $96.96. The firm has a market cap of $105.77 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 0.46 and a beta of 1.15.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 18th. Stockholders of record on Monday, January 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, December 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.42%. Micron Technology’s dividend payout ratio is currently 6.17%.
In other news, SVP April S. Arnzen sold 8,300 shares of the firm’s stock in a transaction on Monday, December 20th. The shares were sold at an average price of $82.09, for a total value of $681,347.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott J. Deboer sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 22nd. The shares were sold at an average price of $90.00, for a total transaction of $1,350,000.00. The disclosure for this sale can be found here. Insiders have sold 28,284 shares of company stock valued at $2,379,479 in the last three months. Corporate insiders own 0.32% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Moors & Cabot Inc. raised its holdings in shares of Micron Technology by 7.2% during the third quarter. Moors & Cabot Inc. now owns 30,554 shares of the semiconductor manufacturer’s stock worth $2,168,000 after purchasing an additional 2,056 shares during the period. Psagot Value Holdings Ltd. raised its holdings in shares of Micron Technology by 1.0% during the third quarter. Psagot Value Holdings Ltd. now owns 30,300 shares of the semiconductor manufacturer’s stock worth $2,151,000 after purchasing an additional 300 shares during the period. Cribstone Capital Management LLC bought a new position in shares of Micron Technology during the third quarter worth about $94,000. Wealthsource Partners LLC bought a new position in shares of Micron Technology during the third quarter worth about $726,000. Finally, National Pension Service grew its position in shares of Micron Technology by 5.3% during the third quarter. National Pension Service now owns 1,744,336 shares of the semiconductor manufacturer’s stock worth $123,813,000 after acquiring an additional 87,829 shares during the last quarter. Institutional investors own 78.19% of the company’s stock.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
Read More: How Do You Make Money With Penny Stocks?
Get a free copy of the Zacks research report on Micron Technology (MU)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $1,000 in Micron Technology right now?
Before you consider Micron Technology, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Micron Technology wasn’t on the list.
While Micron Technology currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Read More: Micron Technology, Inc. (NASDAQ:MU) Expected to Post Earnings of $1.95 Per Share
