Micron Technology (NASDAQ:MU) announced its earnings results on Wednesday. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.27, Bloomberg Earnings reports. The business had revenue of $7.35 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The business’s revenue for the quarter was up 58.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS.
Micron Technology (NASDAQ:MU) traded down $2.88 during midday trading on Friday, hitting $56.04. The company’s stock had a trading volume of 56,913,183 shares, compared to its average volume of 49,852,980. The stock has a market cap of $70,616.16, a price-to-earnings ratio of 8.83, a P/E/G ratio of 0.59 and a beta of 1.46. Micron Technology has a twelve month low of $26.36 and a twelve month high of $63.42. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.39 and a quick ratio of 1.83.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $42.40, for a total transaction of $2,583,050.40. Following the completion of the transaction, the senior vice president now owns 202,486 shares in the company, valued at approximately $8,585,406.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott J. Deboer sold 14,750 shares of Micron Technology stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $43.28, for a total value of $638,380.00. Following the transaction, the executive vice president now owns 134,854 shares of the company’s stock, valued at approximately $5,836,481.12. The disclosure for this sale can be found here. Insiders have sold a total of 147,346 shares of company stock valued at $6,291,481 in the last quarter. Company insiders own 0.53% of the company’s stock.
Several brokerages have issued reports on MU. BMO Capital Markets increased their target price on Micron Technology from $43.00 to $63.00 and gave the company a “market perform” rating in a research report on Wednesday. Vetr raised Micron Technology from a “hold” rating to a “buy” rating and set a $61.52 price objective for the company in a research report on Monday. Credit Suisse Group raised their price objective on Micron Technology from $60.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday. BidaskClub raised Micron Technology from a “hold” rating to a “buy” rating in a research report on Thursday, March 15th. Finally, Nomura raised their price objective on Micron Technology and gave the stock a “buy” rating in a research report on Monday, March 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $62.52.
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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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