Analysts forecast that Micron Technology, Inc. (NASDAQ:MU) will report $8.08 billion in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Micron Technology’s earnings, with estimates ranging from $7.97 billion to $8.12 billion. Micron Technology reported sales of $6.80 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 18.8%. The company is scheduled to announce its next earnings report on Tuesday, December 18th.
On average, analysts expect that Micron Technology will report full year sales of $31.12 billion for the current fiscal year, with estimates ranging from $29.67 billion to $32.25 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $30.64 billion, with estimates ranging from $26.25 billion to $33.65 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Micron Technology.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.33 by $0.20. Micron Technology had a net margin of 46.51% and a return on equity of 51.68%. The company had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.25 billion. During the same period in the prior year, the firm earned $2.02 earnings per share. Micron Technology’s revenue was up 37.5% on a year-over-year basis.
A number of research firms recently issued reports on MU. Goldman Sachs Group set a $68.00 price target on shares of Micron Technology and gave the stock a “buy” rating in a research note on Wednesday, July 18th. Needham & Company LLC decreased their price target on shares of Micron Technology from $100.00 to $80.00 and set a “strong-buy” rating for the company in a research note on Monday, September 24th. Wells Fargo & Co decreased their price target on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Barclays decreased their price target on shares of Micron Technology to $60.00 and set an “overweight” rating for the company in a research note on Friday, September 21st. Finally, Stifel Nicolaus set a $108.00 price target on shares of Micron Technology and gave the stock a “buy” rating in a research note on Thursday, July 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $68.42.
MU stock traded down $0.85 during trading on Monday, reaching $40.45. The company had a trading volume of 28,617,009 shares, compared to its average volume of 35,837,112. Micron Technology has a 52 week low of $37.52 and a 52 week high of $64.66. The company has a market cap of $46.84 billion, a P/E ratio of 3.42, a PEG ratio of 0.63 and a beta of 1.54. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.79 and a quick ratio of 2.06.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Financial Gravity Wealth Inc. bought a new stake in shares of Micron Technology during the first quarter valued at approximately $293,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Micron Technology by 26.4% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 111,520 shares of the semiconductor manufacturer’s stock valued at $5,779,000 after acquiring an additional 23,264 shares in the last quarter. LPL Financial LLC increased its position in shares of Micron Technology by 70.5% during the first quarter. LPL Financial LLC now owns 230,731 shares of the semiconductor manufacturer’s stock valued at $12,030,000 after acquiring an additional 95,432 shares in the last quarter. Assetmark Inc. increased its position in shares of Micron Technology by 93.3% during the first quarter. Assetmark Inc. now owns 180,939 shares of the semiconductor manufacturer’s stock valued at $9,434,000 after acquiring an additional 87,333 shares in the last quarter. Finally, Sentinel Trust Co. LBA increased its position in shares of Micron Technology by 136.4% during the first quarter. Sentinel Trust Co. LBA now owns 177,778 shares of the semiconductor manufacturer’s stock valued at $9,270,000 after acquiring an additional 102,577 shares in the last quarter. 74.15% of the stock is owned by institutional investors and hedge funds.
About Micron Technology
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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