Micron Technology (NASDAQ:MU) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Posted by on Jan 9th, 2021 // Comments off

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

Micron Technology stock traded down $1.69 during trading on Friday, reaching $77.42. 50,961,617 shares of the company were exchanged, compared to its average volume of 33,174,324. Micron Technology has a 52-week low of $31.13 and a 52-week high of $84.16. The company has a market capitalization of $86.47 billion, a P/E ratio of 33.50, a PEG ratio of 1.83 and a beta of 1.37. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.71 and a quick ratio of 1.86. The stock’s 50 day simple moving average is $69.70 and its two-hundred day simple moving average is $54.71.

Several brokerages have commented on MU. Evercore ISI raised their price objective on Micron Technology from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised their price objective on Micron Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley raised their price objective on Micron Technology from $80.00 to $88.00 and gave the company an “overweight” rating in a report on Monday. The Goldman Sachs Group raised their price objective on Micron Technology from $77.00 to $83.00 and gave the company a “buy” rating in a report on Monday, December 14th. Finally, Summit Insights raised Micron Technology from a “hold” rating to a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $84.19.

In other Micron Technology news, EVP Scott J. Deboer sold 10,000 shares of Micron Technology stock in a transaction on Thursday, December 3rd. The stock was sold at an average price of $70.72, for a total value of $707,200.00. Following the sale, the executive vice president now owns 138,722 shares in the company, valued at $9,810,419.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Zinsner sold 9,051 shares of Micron Technology stock in a transaction on Friday, December 18th. The shares were sold at an average price of $72.17, for a total value of $653,210.67. Following the completion of the sale, the chief financial officer now owns 129,214 shares in the company, valued at approximately $9,325,374.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 126,705 shares of company stock worth $7,658,336. 0.30% of the stock is currently owned by company insiders.

Micron Technology Company Profile

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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