Micron Technology (NASDAQ:MU) issued its earnings results on Tuesday. The semiconductor manufacturer reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30, RTT News reports. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter last year, the business posted $3.15 earnings per share. The company’s quarterly revenue was down 38.6% on a year-over-year basis. Micron Technology updated its Q4 guidance to $0.38-0.52 EPS.
MU stock opened at $32.68 on Wednesday. The firm has a market capitalization of $36.73 billion, a price-to-earnings ratio of 2.76 and a beta of 1.94. The company has a current ratio of 2.25, a quick ratio of 1.65 and a debt-to-equity ratio of 0.10. Micron Technology has a 12-month low of $28.39 and a 12-month high of $58.15. The firm has a fifty day moving average price of $34.80.
In other Micron Technology news, SVP Joel L. Poppen sold 20,210 shares of Micron Technology stock in a transaction on Monday, April 15th. The shares were sold at an average price of $41.45, for a total value of $837,704.50. Following the completion of the sale, the senior vice president now directly owns 269,368 shares of the company’s stock, valued at $11,165,303.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.20% of the stock is owned by insiders.
A number of analysts have weighed in on MU shares. Summit Redstone upgraded shares of Micron Technology to a “buy” rating in a research report on Thursday, March 21st. MKM Partners lifted their price target on shares of Micron Technology to $50.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Summit Insights upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Mizuho reiterated a “buy” rating and set a $47.00 price target (up previously from $44.00) on shares of Micron Technology in a report on Thursday, March 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $75.00 price target on shares of Micron Technology in a report on Tuesday, March 19th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and nineteen have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $46.36.
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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