Micron Technology (NASDAQ:MU) Releases Quarterly Earnings Results, Beats Estimates By $0.32 EPS

Micron Technology (NASDAQ:MU) announced its earnings results on Monday. The semiconductor manufacturer reported $0.82 EPS for the quarter, topping the consensus estimate of $0.50 by $0.32, MarketWatch Earnings reports. The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.05 billion. Micron Technology had a return on equity of 7.16% and a net margin of 11.72%. Micron Technology’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 EPS. Micron Technology updated its Q4 2020
After-Hours guidance to 0.95-1.15 EPS and its Q4 guidance to $0.95-1.15 EPS.

Shares of MU stock opened at $49.15 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.85 and a current ratio of 2.74. The firm’s 50-day moving average is $48.38 and its 200-day moving average is $50.06. The stock has a market cap of $54.66 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 2.12 and a beta of 1.61. Micron Technology has a 52-week low of $31.13 and a 52-week high of $61.19.

Several research firms recently weighed in on MU. Cowen restated an “outperform” rating and issued a $65.00 price objective (down previously from $70.00) on shares of Micron Technology in a research report on Thursday, March 26th. UBS Group dropped their price objective on shares of Micron Technology from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Tuesday, May 26th. Susquehanna Bancshares restated a “buy” rating and issued a $85.00 price objective on shares of Micron Technology in a research report on Friday. BMO Capital Markets cut shares of Micron Technology from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $60.00 to $55.00 in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Micron Technology from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company. Micron Technology presently has an average rating of “Buy” and an average price target of $64.10.

In other Micron Technology news, SVP April S. Arnzen sold 2,542 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $45.00, for a total value of $114,390.00. Following the transaction, the senior vice president now directly owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

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.

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Earnings History for Micron Technology (NASDAQ:MU)

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