Micron Technology, Inc. (NASDAQ:MU) Expected to Post Earnings of $2.31 Per Share

Equities research analysts predict that Micron Technology, Inc. (NASDAQ:MU) will report $2.31 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Micron Technology’s earnings. The lowest EPS estimate is $2.27 and the highest is $2.35. Micron Technology reported earnings of $1.08 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 113.9%. The firm is scheduled to announce its next earnings results after the market closes on Tuesday, September 28th.

According to Zacks, analysts expect that Micron Technology will report full-year earnings of $5.95 per share for the current fiscal year, with EPS estimates ranging from $5.90 to $6.00. For the next financial year, analysts expect that the firm will report earnings of $12.14 per share, with EPS estimates ranging from $9.99 to $13.54. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Micron Technology.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, June 29th. The semiconductor manufacturer reported $1.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.17. Micron Technology had a return on equity of 12.60% and a net margin of 16.20%. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $7.26 billion. During the same period in the prior year, the business earned $0.82 earnings per share. The business’s revenue was up 36.5% on a year-over-year basis.

Several research firms recently weighed in on MU. Summit Insights downgraded Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Wedbush reiterated a “neutral” rating on shares of Micron Technology in a research report on Monday, June 28th. Citigroup reduced their target price on Micron Technology from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their target price on Micron Technology from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 30th. Finally, UBS Group cut their price objective on Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, July 1st. Six analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $110.37.

In other Micron Technology news, SVP Joel L. Poppen sold 4,984 shares of Micron Technology stock in a transaction on Monday, July 12th. The shares were sold at an average price of $78.76, for a total value of $392,539.84. Following the completion of the transaction, the senior vice president now owns 257,197 shares of the company’s stock, valued at $20,256,835.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP April S. Arnzen sold 8,300 shares of the stock in a transaction on Friday, September 24th. The stock was sold at an average price of $73.32, for a total transaction of $608,556.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 143,632 shares of company stock valued at $11,326,225. 0.30% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. Meridian Wealth Partners LLC acquired a new stake in shares of Micron Technology during the first quarter worth $25,000. Red Door Wealth Management LLC acquired a new stake in shares of Micron Technology in the 2nd quarter worth about $32,000. Sterling Investment Advisors Ltd. increased its holdings in shares of Micron Technology by 700.0% in the 2nd quarter. Sterling Investment Advisors Ltd. now owns 400 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 350 shares during the period. Capital Analysts LLC acquired a new stake in shares of Micron Technology in the 2nd quarter worth about $35,000. Finally, Bedel Financial Consulting Inc. increased its holdings in shares of Micron Technology by 78.1% in the 2nd quarter. Bedel Financial Consulting Inc. now owns 422 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 185 shares during the period. 78.34% of the stock is currently owned by institutional investors.

NASDAQ MU traded up $1.13 during trading hours on Monday, hitting $75.18. 18,273,175 shares of the company’s stock were exchanged, compared to its average volume of 19,756,252. The business’s 50 day moving average is $74.51 and its 200-day moving average is $80.81. Micron Technology has a 12-month low of $46.50 and a 12-month high of $96.96. The firm has a market capitalization of $84.63 billion, a P/E ratio of 20.71, a price-to-earnings-growth ratio of 0.49 and a beta of 1.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.40.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 18th. Shareholders of record on Friday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, September 30th. This represents a $0.40 dividend on an annualized basis and a yield of 0.53%.

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.

Featured Story: How to build a Fibonacci channel

Get a free copy of the Zacks research report on Micron Technology (MU)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.