Micron Technology, Inc. (NASDAQ:MU) – Research analysts at KeyCorp decreased their Q2 2020 earnings estimates for Micron Technology in a research report issued on Wednesday, November 13th. KeyCorp analyst W. Twigg now forecasts that the semiconductor manufacturer will post earnings of $0.28 per share for the quarter, down from their prior forecast of $0.43. KeyCorp currently has a “Overweight” rating and a $59.00 target price on the stock. KeyCorp also issued estimates for Micron Technology’s Q3 2020 earnings at $0.60 EPS and FY2020 earnings at $2.20 EPS.
Other equities research analysts have also issued research reports about the company. Royal Bank of Canada set a $55.00 target price on Micron Technology and gave the company a “buy” rating in a research note on Wednesday, August 21st. BidaskClub lowered Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein set a $65.00 target price on Micron Technology and gave the company a “buy” rating in a research note on Friday, September 27th. Susquehanna Bancshares set a $45.00 target price on Micron Technology and gave the company a “hold” rating in a research note on Friday, September 27th. Finally, Mizuho reissued a “buy” rating and issued a $53.00 target price (up previously from $50.00) on shares of Micron Technology in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have issued a buy rating to the company. Micron Technology presently has a consensus rating of “Buy” and an average target price of $53.46.
Shares of MU stock opened at $47.82 on Monday. The company has a quick ratio of 1.78, a current ratio of 2.58 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $45.96 and a two-hundred day moving average price of $42.49. Micron Technology has a 12-month low of $28.39 and a 12-month high of $51.39. The firm has a market cap of $51.81 billion, a P/E ratio of 7.78 and a beta of 2.00.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, September 26th. The semiconductor manufacturer reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.13. Micron Technology had a return on equity of 19.81% and a net margin of 26.97%. The firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $4.56 billion. During the same quarter in the previous year, the company posted $3.53 earnings per share. The company’s revenue was down 42.3% compared to the same quarter last year.
In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $50.00, for a total transaction of $1,000,000.00. Following the transaction, the executive vice president now owns 110,236 shares in the company, valued at approximately $5,511,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP April S. Arnzen sold 4,252 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $47.22, for a total value of $200,779.44. Following the transaction, the senior vice president now owns 101,439 shares in the company, valued at approximately $4,789,949.58. The disclosure for this sale can be found here. Insiders have sold a total of 52,484 shares of company stock valued at $2,439,568 in the last ninety days. 0.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Virtus ETF Advisers LLC purchased a new position in shares of Micron Technology during the 2nd quarter worth approximately $25,000. Doyle Wealth Management purchased a new stake in shares of Micron Technology in the 2nd quarter worth approximately $30,000. Whittier Trust Co. grew its stake in shares of Micron Technology by 115.2% in the 3rd quarter. Whittier Trust Co. now owns 794 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 425 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in shares of Micron Technology in the 2nd quarter worth approximately $37,000. Finally, Griffin Asset Management Inc. purchased a new stake in shares of Micron Technology in the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 76.59% of the company’s stock.
Micron Technology Company Profile
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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