Equities analysts expect Micron Technology, Inc. (NASDAQ:MU) to report sales of $4.50 billion for the current quarter, Zacks reports. Eight analysts have made estimates for Micron Technology’s earnings, with the highest sales estimate coming in at $4.52 billion and the lowest estimate coming in at $4.49 billion. Micron Technology posted sales of $8.44 billion in the same quarter last year, which suggests a negative year over year growth rate of 46.7%. The company is expected to issue its next earnings report on Thursday, September 19th.
On average, analysts expect that Micron Technology will report full-year sales of $23.04 billion for the current year, with estimates ranging from $23.02 billion to $23.05 billion. For the next financial year, analysts anticipate that the business will post sales of $19.27 billion, with estimates ranging from $16.69 billion to $20.71 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Micron Technology.
Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. The company had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The business’s revenue for the quarter was down 38.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.15 EPS.
MU has been the topic of a number of research reports. Nomura lowered their price objective on Micron Technology from $45.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, June 3rd. Robert W. Baird lowered their price objective on Micron Technology from $32.00 to $28.00 and set an “underperform” rating on the stock in a research note on Friday, June 21st. Bank of America boosted their price objective on Micron Technology from $45.00 to $60.00 and gave the company an “average” rating in a research note on Thursday, July 18th. Morgan Stanley upgraded Micron Technology from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $31.00 to $48.00 in a research note on Tuesday, July 30th. Finally, Mizuho reaffirmed a “hold” rating and set a $44.00 target price on shares of Micron Technology in a report on Thursday, July 11th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seventeen have given a buy rating to the stock. Micron Technology currently has an average rating of “Hold” and a consensus target price of $48.27.
In other news, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $45.00, for a total value of $900,000.00. Following the sale, the executive vice president now directly owns 130,236 shares of the company’s stock, valued at $5,860,620. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Joel L. Poppen sold 654 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $45.64, for a total value of $29,848.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,244 shares of company stock valued at $2,624,899. 0.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covington Capital Management raised its stake in shares of Micron Technology by 9.0% in the second quarter. Covington Capital Management now owns 18,002 shares of the semiconductor manufacturer’s stock worth $695,000 after buying an additional 1,492 shares during the period. MidWestOne Financial Group Inc. bought a new position in shares of Micron Technology in the second quarter worth about $1,263,000. Pictet Asset Management Ltd. raised its stake in shares of Micron Technology by 6.7% in the second quarter. Pictet Asset Management Ltd. now owns 580,738 shares of the semiconductor manufacturer’s stock worth $22,411,000 after buying an additional 36,442 shares during the period. Stonebridge Capital Advisors LLC bought a new position in shares of Micron Technology in the second quarter worth about $67,000. Finally, Doyle Wealth Management bought a new position in shares of Micron Technology in the second quarter worth about $30,000. 77.42% of the stock is currently owned by hedge funds and other institutional investors.
Micron Technology stock traded up $0.19 during midday trading on Friday, reaching $42.23. The stock had a trading volume of 1,880,613 shares, compared to its average volume of 29,181,244. Micron Technology has a 12 month low of $28.39 and a 12 month high of $53.68. The business has a 50-day moving average of $43.01. The firm has a market cap of $46.50 billion, a price-to-earnings ratio of 3.57 and a beta of 1.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.79 and a quick ratio of 1.88.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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