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


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

Shares of MU traded down $1.69 during mid-day trading on Friday, hitting $77.42. 50,961,617 shares of the stock were exchanged, compared to its average volume of 33,174,324. The company has a market cap of $86.47 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 1.83 and a beta of 1.37. Micron Technology has a 52-week low of $31.13 and a 52-week high of $84.16. The firm has a 50-day moving average of $69.70 and a two-hundred day moving average of $54.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.86 and a current ratio of 2.71.

A number of equities research analysts have issued reports on MU shares. Wells Fargo & Company boosted their price target on Micron Technology from $65.00 to $75.00 in a research note on Tuesday, December 1st. KeyCorp boosted their price target on Micron Technology from $82.00 to $121.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley boosted their price objective on Micron Technology from $80.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday. Finally, BidaskClub upgraded Micron Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $84.19.

In related news, SVP April S. Arnzen sold 11,668 shares of the stock in a transaction on Monday, November 16th. The stock was sold at an average price of $61.16, for a total transaction of $713,614.88. Following the sale, the senior vice president now owns 112,048 shares in the company, valued at approximately $6,852,855.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Zinsner sold 9,051 shares of the 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 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. Insiders have sold a total of 126,705 shares of company stock worth $7,658,336 over the last ninety days. Insiders own 0.30% of the company’s stock.

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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