Micron Technology (MU) Expected to Post Earnings of $2.84 Per Share

Equities analysts expect Micron Technology (NASDAQ:MU) to post earnings of $2.84 per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Micron Technology’s earnings, with the lowest EPS estimate coming in at $2.80 and the highest estimate coming in at $2.90. Micron Technology reported earnings of $1.62 per share during the same quarter last year, which suggests a positive year over year growth rate of 75.3%. The business is scheduled to report its next earnings results on Thursday, July 5th.

On average, analysts expect that Micron Technology will report full year earnings of $10.99 per share for the current financial year, with EPS estimates ranging from $10.73 to $11.40. For the next fiscal year, analysts forecast that the company will report earnings of $9.86 per share, with EPS estimates ranging from $6.91 to $12.66. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Micron Technology.

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Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.27. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. The firm had revenue of $7.35 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same period last year, the firm posted $0.90 EPS. The firm’s revenue for the quarter was up 58.2% on a year-over-year basis.

Several research firms have weighed in on MU. ValuEngine downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Friday. UBS began coverage on shares of Micron Technology in a report on Wednesday, April 4th. They set a “sell” rating and a $35.00 target price for the company. BidaskClub downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Sanford C. Bernstein raised their price target on shares of Micron Technology to $60.00 and gave the stock a “market perform” rating in a research note on Monday, March 26th. Finally, Argus raised their price target on shares of Micron Technology from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, March 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. Micron Technology presently has a consensus rating of “Buy” and a consensus target price of $63.66.

In related news, SVP April S. Arnzen sold 1,222 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $43.77, for a total value of $53,486.94. Following the transaction, the senior vice president now owns 57,969 shares in the company, valued at $2,537,303.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mercedes Johnson sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $50.50, for a total transaction of $1,262,500.00. The disclosure for this sale can be found here. Insiders sold 61,199 shares of company stock worth $3,028,117 over the last three months. Corporate insiders own 0.53% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MU. OxFORD Asset Management LLP purchased a new position in Micron Technology in the third quarter valued at approximately $719,000. Pinebridge Investments L.P. raised its holdings in Micron Technology by 60.4% in the third quarter. Pinebridge Investments L.P. now owns 7,032 shares of the semiconductor manufacturer’s stock valued at $277,000 after buying an additional 2,647 shares during the period. Invictus RG purchased a new position in Micron Technology in the third quarter valued at approximately $313,000. Private Advisor Group LLC raised its holdings in Micron Technology by 60.2% in the third quarter. Private Advisor Group LLC now owns 41,467 shares of the semiconductor manufacturer’s stock valued at $1,696,000 after buying an additional 15,576 shares during the period. Finally, Convergence Investment Partners LLC purchased a new position in Micron Technology in the third quarter valued at approximately $580,000. Hedge funds and other institutional investors own 82.49% of the company’s stock.

NASDAQ:MU opened at $48.46 on Friday. The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29. Micron Technology has a twelve month low of $26.36 and a twelve month high of $63.42. The stock has a market cap of $56,202.21, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 0.45 and a beta of 1.33.

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Micron Technology Company Profile

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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

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