Micron Technology (NASDAQ:MU) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.40-$0.70 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.54. The company issued revenue guidance of $4.6-$5.2 billion, compared to the consensus revenue estimate of $4.88 billion.Micron Technology also updated its Q3 2020
After-Hours guidance to 0.40-0.70 EPS.
Several brokerages recently issued reports on MU. Robert W. Baird raised shares of Micron Technology from an underperform rating to a neutral rating and upped their price objective for the company from $45.00 to $55.00 in a research note on Monday, March 2nd. BidaskClub cut shares of Micron Technology from a strong-buy rating to a buy rating in a research note on Wednesday, February 26th. Cowen raised shares of Micron Technology from a market perform rating to an outperform rating and upped their price objective for the company from $50.00 to $70.00 in a research note on Tuesday, January 7th. Nomura upped their price objective on shares of Micron Technology from $40.00 to $45.00 and gave the company a neutral rating in a research note on Thursday, December 19th. Finally, Barclays reaffirmed a buy rating and set a $70.00 price objective on shares of Micron Technology in a research note on Sunday, January 19th. Five analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $62.74.
Shares of MU stock traded down $0.77 during trading hours on Wednesday, hitting $42.50. The company had a trading volume of 53,672,262 shares, compared to its average volume of 28,901,023. The company’s fifty day moving average is $50.64 and its 200 day moving average is $50.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 1.78. Micron Technology has a fifty-two week low of $31.13 and a fifty-two week high of $61.19. The stock has a market capitalization of $47.10 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 1.76 and a beta of 1.78.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.69 billion. During the same period in the prior year, the business posted $1.71 EPS. The business’s revenue for the quarter was down 17.7% compared to the same quarter last year. Equities analysts forecast that Micron Technology will post 2.12 earnings per share for the current year.
In other Micron Technology news, SVP April S. Arnzen sold 4,400 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $54.75, for a total transaction of $240,900.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Joel L. Poppen sold 20,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the sale, the senior vice president now owns 301,395 shares in the company, valued at $17,170,473.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,800 shares of company stock worth $1,644,300. 0.18% of the stock is owned by company insiders.
About Micron Technology
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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