Wall Street brokerages expect Micron Technology, Inc. (NASDAQ:MU) to post earnings of $2.91 per share for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Micron Technology’s earnings, with the lowest EPS estimate coming in at $2.84 and the highest estimate coming in at $3.00. Micron Technology reported earnings of $2.45 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 18.8%. The firm is scheduled to report its next earnings results on Tuesday, December 18th.
According to Zacks, analysts expect that Micron Technology will report full year earnings of $10.32 per share for the current year, with EPS estimates ranging from $8.98 to $11.56. For the next financial year, analysts anticipate that the business will report earnings of $9.37 per share, with EPS estimates ranging from $4.48 to $11.77. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Micron Technology.
Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.33 by $0.20. The firm had revenue of $8.44 billion for the quarter, compared to the consensus estimate of $8.25 billion. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The business’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.02 EPS.
A number of brokerages have recently issued reports on MU. Macquarie set a $70.00 price objective on Micron Technology and gave the company a “buy” rating in a research note on Friday, September 21st. BidaskClub downgraded Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Cowen set a $62.00 price objective on Micron Technology and gave the company a “buy” rating in a research note on Thursday, October 11th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $84.00 price objective on shares of Micron Technology in a research note on Wednesday, September 19th. Finally, Morgan Stanley dropped their price objective on Micron Technology from $65.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Friday, September 21st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $66.92.
Shares of MU opened at $40.44 on Tuesday. The stock has a market cap of $45.14 billion, a price-to-earnings ratio of 3.42, a P/E/G ratio of 0.62 and a beta of 1.69. Micron Technology has a 12 month low of $33.82 and a 12 month high of $64.66. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.16 and a current ratio of 2.79.
Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its holdings in Micron Technology by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,543,491 shares of the semiconductor manufacturer’s stock worth $710,326,000 after purchasing an additional 40,694 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Micron Technology by 4.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 5,113,462 shares of the semiconductor manufacturer’s stock worth $268,150,000 after purchasing an additional 238,829 shares in the last quarter. Parnassus Investments CA increased its holdings in Micron Technology by 40.0% during the 2nd quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock worth $256,956,000 after purchasing an additional 1,400,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Micron Technology by 3.0% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,311,584 shares of the semiconductor manufacturer’s stock worth $195,013,000 after purchasing an additional 125,926 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Micron Technology by 3.3% during the 2nd quarter. Swiss National Bank now owns 3,822,903 shares of the semiconductor manufacturer’s stock worth $200,473,000 after purchasing an additional 122,800 shares in the last quarter. 75.53% of the stock is currently owned by institutional investors and hedge funds.
Micron Technology Company Profile
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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