Micron Technology (NASDAQ:MU) announced its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.07, MarketWatch Earnings reports. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Micron Technology had a return on equity of 7.73% and a net margin of 12.54%. Micron Technology’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS.
MU traded down $1.69 during trading on Friday, reaching $77.42. The stock had a trading volume of 49,571,231 shares, compared to its average volume of 28,656,070. The stock’s 50 day moving average is $69.70 and its two-hundred day moving average is $54.71. The company has a current ratio of 2.71, a quick ratio of 1.86 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $86.47 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 1.83 and a beta of 1.37. Micron Technology has a one year low of $31.13 and a one year high of $80.08.
In related news, EVP Scott J. Deboer sold 27,640 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $55.00, for a total value of $1,520,200.00. Following the sale, the executive vice president now owns 198,808 shares in the company, valued at approximately $10,934,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Zinsner sold 9,051 shares of the firm’s stock in a transaction that occurred on 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 directly owns 129,214 shares of the company’s stock, valued at approximately $9,325,374.38. The disclosure for this sale can be found here. Insiders have sold 126,705 shares of company stock valued at $7,658,336 in the last three months. Insiders own 0.30% of the company’s stock.
Several research firms have commented on MU. Cleveland Research raised shares of Micron Technology from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 23rd. Argus raised their price objective on Micron Technology from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, December 4th. Deutsche Bank Aktiengesellschaft boosted their target price on Micron Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price target on Micron Technology from $100.00 to $113.00 in a research report on Friday. Finally, Rosenblatt Securities boosted their price objective on Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. One investment 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 issued a strong buy rating to the stock. Micron Technology presently has an average rating of “Buy” and a consensus target price of $84.19.
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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