Micron Technology (NASDAQ:MU) Announces Earnings Results

Micron Technology (NASDAQ:MU) issued its earnings results on Wednesday. The semiconductor manufacturer reported $0.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.07, MarketWatch Earnings reports. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.66 billion. Micron Technology had a return on equity of 7.73% and a net margin of 12.54%. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 EPS.

Micron Technology stock traded down $1.69 during mid-day trading on Friday, reaching $77.42. The company had a trading volume of 49,571,231 shares, compared to its average volume of 28,656,070. The business has a fifty day simple moving average of $69.70 and a 200 day simple moving average of $54.71. The company has a market cap of $86.47 billion, a P/E ratio of 33.50, a P/E/G ratio of 1.83 and a beta of 1.37. Micron Technology has a fifty-two week low of $31.13 and a fifty-two week high of $80.08. The company has a current ratio of 2.71, a quick ratio of 1.86 and a debt-to-equity ratio of 0.16.

In other news, SVP April S. Arnzen sold 11,668 shares of the company’s stock in a transaction on Monday, November 16th. The shares were sold at an average price of $61.16, for a total value of $713,614.88. Following the sale, the senior vice president now directly owns 112,048 shares of the company’s stock, valued at approximately $6,852,855.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott J. Deboer sold 27,640 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $55.00, for a total transaction of $1,520,200.00. Following the sale, the executive vice president now directly owns 198,808 shares in the company, valued at approximately $10,934,440. The disclosure for this sale can be found here. Insiders have sold 126,705 shares of company stock valued at $7,658,336 over the last quarter. Company insiders own 0.30% of the company’s stock.

Several equities analysts have commented on the stock. Summit Insights upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. increased their price target on shares of Micron Technology from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Friday. Piper Sandler increased their target price on Micron Technology from $65.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft lifted their price target on Micron Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company increased their price objective on Micron Technology from $65.00 to $75.00 in a research report on Tuesday, December 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $84.19.

About Micron Technology

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR, and 3D XPoint memory under the Micron and Crucial brands, as well as through private labels.

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Earnings History for Micron Technology (NASDAQ:MU)

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