Brokerages Expect Micron Technology, Inc. (MU) Will Announce Quarterly Sales of $5.40 Billion
Brokerages forecast that Micron Technology, Inc. (NASDAQ:MU) will announce sales of $5.40 billion for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Micron Technology’s earnings, with estimates ranging from $5.40 billion to $5.41 billion. Micron Technology reported sales of $2.90 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 86.2%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Thursday, June 29th.
According to Zacks, analysts expect that Micron Technology will report full year sales of $5.40 billion for the current financial year, with estimates ranging from $19.24 billion to $19.77 billion. For the next fiscal year, analysts forecast that the company will post sales of $21.74 billion per share, with estimates ranging from $20.66 billion to $22.77 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Micron Technology.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.06. The business had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.65 billion. Micron Technology had a net margin of 4.68% and a return on equity of 7.73%. Micron Technology’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 EPS.
A number of equities analysts have commented on MU shares. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $35.00 price objective (up from $31.00) on shares of Micron Technology in a research report on Monday, March 27th. Cowen and Company lifted their price objective on shares of Micron Technology from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, March 3rd. Vetr raised shares of Micron Technology from a “buy” rating to a “strong-buy” rating and set a $28.56 price objective for the company in a research report on Wednesday, March 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $47.00 price objective on shares of Micron Technology in a research report on Tuesday, June 6th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and set a $32.50 price objective (down from $35.00) on shares of Micron Technology in a research report on Thursday, March 2nd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. Micron Technology presently has a consensus rating of “Buy” and a consensus target price of $32.12.
In other Micron Technology news, VP Scott J. Deboer sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the transaction, the vice president now directly owns 150,232 shares in the company, valued at approximately $4,807,424. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Steven L. Thorsen, Jr. sold 50,000 shares of the stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $28.46, for a total value of $1,423,000.00. Following the transaction, the vice president now owns 245,690 shares in the company, valued at $6,992,337.40. The disclosure for this sale can be found here. Insiders have sold a total of 240,380 shares of company stock worth $6,898,194 over the last 90 days. Company insiders own 0.69% of the company’s stock.
Several institutional investors have recently bought and sold shares of MU. Norges Bank purchased a new position in shares of Micron Technology during the fourth quarter worth $217,749,000. Arrowstreet Capital Limited Partnership raised its position in shares of Micron Technology by 2,047.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,798,500 shares of the semiconductor manufacturer’s stock worth $149,023,000 after buying an additional 6,481,879 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Micron Technology by 4.9% in the first quarter. Vanguard Group Inc. now owns 86,141,622 shares of the semiconductor manufacturer’s stock worth $2,489,492,000 after buying an additional 4,004,759 shares during the last quarter. Janus Capital Management LLC raised its position in shares of Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock worth $161,085,000 after buying an additional 3,896,978 shares during the last quarter. Finally, Fred Alger Management Inc. purchased a new position in shares of Micron Technology during the fourth quarter worth $82,322,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.
Micron Technology (MU) traded down 0.44% during mid-day trading on Wednesday, hitting $31.40. 11,818,323 shares of the company traded hands. The company’s 50-day moving average is $29.21 and its 200-day moving average is $25.33. The stock has a market capitalization of $34.74 billion, a price-to-earnings ratio of 48.91 and a beta of 1.77. Micron Technology has a one year low of $11.50 and a one year high of $32.93.
Micron Technology Company Profile
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