Micron Technology (NASDAQ:MU) Issues Q3 Earnings Guidance

by · The Markets Daily

Micron Technology (NASDAQ:MU – Get Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.47-1.67 for the period, compared to the consensus earnings per share estimate of $1.52. The company issued revenue guidance of 8.60-9.0, compared to the consensus revenue estimate of $8.48 billion.

Micron Technology Stock Performance

Shares of Micron Technology stock traded up $0.94 during midday trading on Thursday, hitting $103.00. The company had a trading volume of 26,192,435 shares, compared to its average volume of 22,735,367. The stock has a market cap of $114.76 billion, a price-to-earnings ratio of 29.68 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $96.84 and a 200 day simple moving average of $98.19. Micron Technology has a 12-month low of $83.54 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue was up 84.3% on a year-over-year basis. During the same period last year, the firm posted ($0.95) EPS. As a group, analysts predict that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Mizuho reduced their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Cantor Fitzgerald dropped their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. TD Cowen dropped their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Needham & Company LLC dropped their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, Stifel Nicolaus dropped their price objective 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $134.16.

View Our Latest Stock Report on MU

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % 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. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Micron Technology stock. Brighton Jones LLC increased its position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 18.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,318 shares of the semiconductor manufacturer’s stock after buying an additional 976 shares during the quarter. Brighton Jones LLC’s holdings in Micron Technology were worth $532,000 as of its most recent SEC filing. 80.84% of the stock is owned by institutional investors.

About Micron Technology

(Get Free Report)

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.

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