$5.87 Billion in Sales Expected for Micron Technology, Inc. (MU) This Quarter
Wall Street brokerages predict that Micron Technology, Inc. (NASDAQ:MU) will report sales of $5.87 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 $5.70 billion and the highest estimate coming in at $5.94 billion. Micron Technology reported sales of $3.22 billion in the same quarter last year, which indicates a positive year over year growth rate of 82.3%. The company is scheduled to report its next quarterly earnings results on Tuesday, October 3rd.
On average, analysts expect that Micron Technology will report full-year sales of $5.87 billion for the current fiscal year, with estimates ranging from $19.73 billion to $20.17 billion. For the next financial 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 averages are an average based on a survey of sell-side research analysts that cover Micron Technology.
Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.25. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.41 billion. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. Micron Technology’s revenue was up 92.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) EPS.
Several brokerages have recently commented on MU. Robert W. Baird reissued an “outperform” rating and set a $40.00 price target on shares of Micron Technology in a research note on Monday, June 19th. Cowen and Company lifted their price objective on Micron Technology from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, June 26th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $33.00 price objective (up from $30.00) on shares of Micron Technology in a research report on Friday, June 30th. Morgan Stanley restated an “overweight” rating and set a $36.00 price objective on shares of Micron Technology in a research report on Monday, August 14th. Finally, Mizuho boosted their price target on Micron Technology from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, June 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $35.65.
Micron Technology (NASDAQ MU) opened at 30.38 on Friday. Micron Technology has a 52-week low of $15.38 and a 52-week high of $32.96. The company has a market capitalization of $33.72 billion, a price-to-earnings ratio of 13.34 and a beta of 1.76. The stock has a 50 day moving average price of $29.95 and a 200 day moving average price of $28.20. Micron Technology also saw some unusual options trading on Wednesday. Investors acquired 41,784 put options on the company. This is an increase of approximately 107% compared to the typical daily volume of 20,197 put options.
In related news, VP April S. Arnzen sold 1,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $30.75, for a total value of $30,750.00. Following the sale, the vice president now directly owns 52,542 shares in the company, valued at approximately $1,615,666.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott J. Deboer sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the sale, the vice president now owns 150,232 shares in the company, valued at $4,807,424. The disclosure for this sale can be found here. In the last three months, insiders sold 71,250 shares of company stock valued at $2,207,515. 0.69% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in MU. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Micron Technology during the second quarter valued at $500,000. IHT Wealth Management LLC bought a new stake in shares of Micron Technology during the second quarter valued at $1,056,000. Wynnefield Capital Inc. bought a new stake in shares of Micron Technology during the first quarter valued at $13,519,000. Captrust Financial Advisors bought a new stake in shares of Micron Technology during the second quarter valued at $107,000. Finally, Guardian Life Insurance Co. of America boosted its stake in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after buying an additional 13 shares in the last quarter. Institutional investors and hedge funds own 80.36% of the company’s stock.
About Micron Technology
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