$5.92 Billion in Sales Expected for Micron Technology, Inc. (NASDAQ:MU) This Quarter
Analysts expect that Micron Technology, Inc. (NASDAQ:MU) will announce sales of $5.92 billion for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Micron Technology’s earnings, with the lowest sales estimate coming in at $5.90 billion and the highest estimate coming in at $5.99 billion. Micron Technology reported sales of $3.22 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 83.9%. The business is expected to report its next quarterly earnings report on Tuesday, October 3rd.
On average, analysts expect that Micron Technology will report full year sales of $5.92 billion for the current financial year, with estimates ranging from $19.73 billion to $20.17 billion. For the next year, analysts expect that the business will report sales of $22.15 billion per share, with estimates ranging from $20.72 billion to $23.10 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Micron Technology.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.25. Micron Technology had a net margin of 14.66% and a return on equity of 19.05%. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.41 billion. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The company’s revenue for the quarter was up 92.2% compared to the same quarter last year.
Several equities analysts have recently weighed in on MU shares. Credit Suisse Group restated a “buy” rating on shares of Micron Technology in a research report on Sunday, July 2nd. Robert W. Baird restated an “outperform” rating and set a $40.00 price objective on shares of Micron Technology in a research report on Monday, May 1st. Zacks Investment Research lowered shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 24th. Needham & Company LLC restated a “buy” rating on shares of Micron Technology in a research report on Thursday, June 8th. Finally, Deutsche Bank AG raised their price objective on shares of Micron Technology from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average price target of $35.29.
Shares of Micron Technology (MU) traded up 0.33% during mid-day trading on Friday, hitting $30.20. 22,023,123 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $30.40 and a 200-day moving average price of $26.28. Micron Technology has a 1-year low of $11.50 and a 1-year high of $32.96. The stock has a market cap of $33.52 billion, a P/E ratio of 13.26 and a beta of 1.78.
In related news, SVP April S. Arnzen sold 1,000 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $30.12, for a total transaction of $30,120.00. Following the transaction, the senior vice president now owns 51,542 shares of the company’s stock, valued at $1,552,445.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mercedes Johnson sold 27,242 shares of the business’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $27.66, for a total transaction of $753,513.72. Following the transaction, the director now directly owns 54,533 shares in the company, valued at approximately $1,508,382.78. The disclosure for this sale can be found here. Insiders have sold 43,242 shares of company stock worth $1,250,284 in the last ninety days. 0.69% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of MU. Renaissance Technologies LLC increased its stake in Micron Technology by 1,515.2% in the fourth quarter. Renaissance Technologies LLC now owns 844,736 shares of the semiconductor manufacturer’s stock worth $18,517,000 after buying an additional 792,436 shares in the last quarter. First Republic Investment Management Inc. acquired a new stake in Micron Technology during the fourth quarter worth $223,000. Vident Investment Advisory LLC increased its stake in Micron Technology by 1.0% in the fourth quarter. Vident Investment Advisory LLC now owns 180,702 shares of the semiconductor manufacturer’s stock worth $3,961,000 after buying an additional 1,736 shares in the last quarter. Elkhorn Investments LLC acquired a new stake in Micron Technology during the fourth quarter worth $1,173,000. Finally, River & Mercantile Asset Management LLP acquired a new stake in Micron Technology during the fourth quarter worth $6,332,000. Hedge funds and other institutional investors own 79.75% of the company’s stock.
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About Micron Technology
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