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

Micron Technology (NASDAQ:MU) released its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $0.78 EPS for the quarter, beating the consensus estimate of $0.71 by $0.07, MarketWatch Earnings reports. The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.66 billion. Micron Technology had a net margin of 12.54% and a return on equity of 7.73%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 EPS.

Shares of MU traded down $1.67 during mid-day trading on Friday, reaching $77.44. The stock had a trading volume of 2,488,418 shares, compared to its average volume of 28,656,070. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.71 and a quick ratio of 1.86. Micron Technology has a 52-week low of $31.13 and a 52-week high of $80.08. The business’s fifty day moving average is $69.70 and its 200 day moving average is $54.71. The firm has a market cap of $86.49 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 1.83 and a beta of 1.37.

In other Micron Technology news, CFO David Zinsner sold 9,051 shares of the stock in a transaction dated Friday, December 18th. The shares were sold at an average price of $72.17, for a total transaction of $653,210.67. Following the completion of the transaction, the chief financial officer now owns 129,214 shares of the company’s stock, valued at $9,325,374.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott J. Deboer sold 27,640 shares of the stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $55.00, for a total transaction of $1,520,200.00. Following the transaction, the executive vice president now directly owns 198,808 shares of the company’s stock, valued at approximately $10,934,440. The disclosure for this sale can be found here. Insiders sold 126,705 shares of company stock valued at $7,658,336 in the last three months. 0.30% of the stock is currently owned by insiders.

Several research firms have recently commented on MU. Argus upped their price objective on shares of Micron Technology from $65.00 to $85.00 and gave the company a “buy” rating in a report on Friday, December 4th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on shares of Micron Technology from $100.00 to $113.00 in a report on Friday. The Goldman Sachs Group increased their price target on shares of Micron Technology from $77.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, December 14th. Credit Suisse Group increased their price target on shares of Micron Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Cascend Securities increased their price target on shares of Micron Technology from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $84.19.

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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