Micron Technology (NASDAQ:MU) Releases Earnings Results, Beats Estimates By $0.14 EPS

Micron Technology (NASDAQ:MU) posted its quarterly earnings results on Wednesday. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14, Briefing.com reports. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period last year, the business posted ($1.57) EPS. Micron Technology updated its Q4 guidance to $1.00-1.16 EPS.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $1.24 on Wednesday, reaching $142.36. The stock had a trading volume of 45,307,207 shares, compared to its average volume of 20,124,684. The business’s 50 day moving average is $126.64 and its two-hundred day moving average is $105.26. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market cap of $157.65 billion, a P/E ratio of -41.30 and a beta of 1.21. Micron Technology has a 1 year low of $60.50 and a 1 year high of $157.54.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price objective on Micron Technology from $122.00 to $138.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Mizuho increased their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Robert W. Baird raised their target price on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a report on Monday. JPMorgan Chase & Co. lifted their target price on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Finally, Stifel Nicolaus lifted their target price on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $153.00.

Insider Buying and Selling

In related news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 304,840 shares of company stock worth $37,961,924. Corporate insiders own 0.32% of the company’s stock.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.