Micron Technology (NASDAQ:MU) issued its earnings results on Wednesday. The semiconductor manufacturer reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.07, MarketWatch Earnings reports. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.66 billion. Micron Technology had a return on equity of 7.73% and a net margin of 12.54%. The firm’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS.
Shares of MU stock traded down $1.48 during trading hours on Friday, reaching $77.63. 2,281,674 shares of the company’s stock were exchanged, compared to its average volume of 28,656,070. Micron Technology has a fifty-two week low of $31.13 and a fifty-two week high of $80.08. The company has a quick ratio of 1.86, a current ratio of 2.71 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $86.71 billion, a P/E ratio of 33.50, a P/E/G ratio of 1.83 and a beta of 1.37. The business has a fifty day moving average price of $69.70 and a 200-day moving average price of $54.71.
Several research analysts have weighed in on MU shares. Credit Suisse Group upped their price objective on shares of Micron Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday. Cowen increased their price objective on Micron Technology from $80.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday. Raymond James upped their target price on Micron Technology from $80.00 to $110.00 and gave the stock a “strong-buy” rating in a research report on Friday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price target on Micron Technology from $100.00 to $113.00 in a report on Friday. Finally, Morgan Stanley boosted their price target on Micron Technology from $80.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Micron Technology presently has a consensus rating of “Buy” and an average price target of $84.19.
In related news, SVP April S. Arnzen sold 11,668 shares of the business’s stock in a transaction dated Monday, November 16th. The stock was sold at an average price of $61.16, for a total transaction of $713,614.88. Following the transaction, the senior vice president now directly owns 112,048 shares in the company, valued at $6,852,855.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Zinsner sold 9,051 shares of the business’s stock in a transaction dated Friday, December 18th. The shares were sold at an average price of $72.17, for a total value of $653,210.67. Following the transaction, the chief financial officer now owns 129,214 shares in the company, valued at $9,325,374.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 126,705 shares of company stock worth $7,658,336. 0.30% of the stock is currently owned by corporate insiders.
About Micron Technology
Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR, and 3D XPoint memory under the Micron and Crucial brands, as well as through private labels.
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