Micron Technology, Inc. (MU) Expected to Post Earnings of $2.76 Per Share

Equities research analysts expect that Micron Technology, Inc. (NASDAQ:MU) will report earnings per share of $2.76 for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Micron Technology’s earnings, with estimates ranging from $2.72 to $2.86. Micron Technology posted earnings per share of $0.90 during the same quarter last year, which indicates a positive year-over-year growth rate of 206.7%. The business is scheduled to issue its next quarterly earnings report after the market closes on Thursday, March 22nd.

On average, analysts expect that Micron Technology will report full-year earnings of $10.63 per share for the current fiscal year, with EPS estimates ranging from $9.76 to $11.31. For the next financial year, analysts anticipate that the firm will post earnings of $9.29 per share, with EPS estimates ranging from $7.20 to $12.66. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Micron Technology.

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Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.60. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The business had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.43 billion. During the same period in the prior year, the business earned $0.32 EPS. The company’s revenue for the quarter was up 71.4% on a year-over-year basis.

Several brokerages recently issued reports on MU. Wells Fargo reiterated a “buy” rating and issued a $54.00 price target (up from $45.00) on shares of Micron Technology in a research note on Wednesday, December 20th. Zacks Investment Research lowered shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 28th. BidaskClub upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Cowen set a $50.00 price target on shares of Micron Technology and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Finally, JPMorgan Chase & Co. increased their price target on shares of Micron Technology to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. Micron Technology has a consensus rating of “Buy” and an average price target of $59.52.

Shares of Micron Technology (MU) traded up $1.01 during midday trading on Tuesday, reaching $61.15. 53,728,526 shares of the company’s stock traded hands, compared to its average volume of 50,099,961. The company has a quick ratio of 1.83, a current ratio of 2.39 and a debt-to-equity ratio of 0.33. Micron Technology has a 1-year low of $25.43 and a 1-year high of $63.42. The company has a market cap of $70,049.57, a price-to-earnings ratio of 9.63, a PEG ratio of 0.59 and a beta of 1.46.

In other news, SVP April S. Arnzen sold 27,878 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $44.27, for a total transaction of $1,234,159.06. Following the sale, the senior vice president now owns 58,659 shares of the company’s stock, valued at approximately $2,596,833.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the firm’s stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $42.40, for a total transaction of $2,583,050.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,224 shares of company stock valued at $7,525,640. 0.53% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. SevenBridge Financial Group LLC boosted its holdings in shares of Micron Technology by 87.5% during the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after acquiring an additional 1,190 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in shares of Micron Technology by 76.0% during the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after acquiring an additional 1,252 shares during the last quarter. Girard Partners LTD. purchased a new stake in shares of Micron Technology during the 4th quarter valued at about $207,000. Lourd Capital LLC purchased a new stake in shares of Micron Technology during the 4th quarter valued at about $211,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of Micron Technology during the 4th quarter valued at about $211,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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Micron Technology Company Profile

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

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Earnings History and Estimates for Micron Technology (NASDAQ:MU)

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