Zacks: Analysts Anticipate Micron Technology, Inc. (NASDAQ:MU) Will Announce Quarterly Sales of $5.01 Billion

Equities analysts forecast that Micron Technology, Inc. (NASDAQ:MU) will announce $5.01 billion in sales for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Micron Technology’s earnings. The lowest sales estimate is $4.92 billion and the highest is $5.16 billion. Micron Technology reported sales of $7.91 billion in the same quarter last year, which indicates a negative year over year growth rate of 36.7%. The company is scheduled to report its next quarterly earnings results on Tuesday, December 17th.

On average, analysts expect that Micron Technology will report full-year sales of $20.38 billion for the current financial year, with estimates ranging from $18.96 billion to $21.55 billion. For the next fiscal year, analysts forecast that the company will post sales of $24.02 billion, with estimates ranging from $22.21 billion to $26.43 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Micron Technology.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, September 26th. The semiconductor manufacturer reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.13. Micron Technology had a return on equity of 19.81% and a net margin of 26.97%. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $4.56 billion. During the same quarter in the prior year, the firm posted $3.53 earnings per share. The company’s revenue was down 42.3% on a year-over-year basis.

Several brokerages have recently commented on MU. Goldman Sachs Group upped their target price on Micron Technology from $56.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada set a $55.00 target price on Micron Technology and gave the company a “buy” rating in a report on Wednesday, August 21st. Longbow Research reaffirmed a “buy” rating on shares of Micron Technology in a report on Tuesday, October 15th. Cascend Securities reaffirmed a “buy” rating and set a $65.00 target price (up from $55.00) on shares of Micron Technology in a report on Tuesday, September 17th. Finally, Mizuho set a $50.00 target price on Micron Technology and gave the company a “buy” rating in a report on Thursday, September 26th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $53.36.

Shares of NASDAQ MU remained flat at $$44.66 during mid-day trading on Friday. The stock had a trading volume of 14,069,459 shares, compared to its average volume of 28,077,662. Micron Technology has a twelve month low of $28.39 and a twelve month high of $51.39. The firm has a market cap of $49.44 billion, a PE ratio of 7.26 and a beta of 1.97. The company has a quick ratio of 1.78, a current ratio of 2.58 and a debt-to-equity ratio of 0.12. The business’s 50-day moving average is $46.46 and its 200 day moving average is $41.85.

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $50.00, for a total value of $1,000,000.00. Following the transaction, the executive vice president now directly owns 110,236 shares of the company’s stock, valued at approximately $5,511,800. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Patrick J. Byrne sold 23,264 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $43.27, for a total value of $1,006,633.28. Following the completion of the transaction, the director now directly owns 97,739 shares in the company, valued at $4,229,166.53. The disclosure for this sale can be found here. Insiders have sold 51,713 shares of company stock worth $2,404,381 over the last three months. 0.20% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in Micron Technology by 1.0% in the 2nd quarter. BlackRock Inc. now owns 73,370,753 shares of the semiconductor manufacturer’s stock worth $2,831,377,000 after purchasing an additional 717,819 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Micron Technology by 56.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 29,459,631 shares of the semiconductor manufacturer’s stock worth $1,136,847,000 after acquiring an additional 10,672,909 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Micron Technology by 8.0% during the 2nd quarter. Northern Trust Corp now owns 13,355,786 shares of the semiconductor manufacturer’s stock worth $515,401,000 after acquiring an additional 986,786 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Micron Technology by 154.2% during the 2nd quarter. Renaissance Technologies LLC now owns 9,735,914 shares of the semiconductor manufacturer’s stock worth $375,709,000 after acquiring an additional 5,905,239 shares in the last quarter. Finally, Viking Global Investors LP boosted its stake in shares of Micron Technology by 180.9% during the 2nd quarter. Viking Global Investors LP now owns 6,431,167 shares of the semiconductor manufacturer’s stock worth $248,179,000 after acquiring an additional 4,141,275 shares in the last quarter. 77.07% of the stock is currently owned by institutional investors.

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.

Further Reading: What are defining characteristics of a correction?

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.