Micron Technology (NASDAQ:MU) Posts Quarterly Earnings Results


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

MU traded down $1.69 on Friday, hitting $77.42. The company had a trading volume of 50,858,649 shares, compared to its average volume of 33,174,324. 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 $84.16. The stock has a fifty day simple moving average of $70.07 and a 200-day simple moving average of $54.85. The firm has a market capitalization of $86.47 billion, a P/E ratio of 32.67, a P/E/G ratio of 1.83 and a beta of 1.37.

A number of brokerages recently issued reports on MU. KeyCorp increased their price objective on Micron Technology from $82.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley increased their price objective on Micron Technology from $80.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday. Cleveland Research raised Micron Technology from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 23rd. Longbow Research increased their target price on Micron Technology from $83.00 to $96.00 and gave the company a “buy” rating in a research note on Friday. Finally, BidaskClub raised 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 assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. Micron Technology currently has a consensus rating of “Buy” and a consensus target price of $84.19.

In other news, EVP Scott J. Deboer sold 27,640 shares of Micron Technology stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $55.00, for a total transaction of $1,520,200.00. Following the completion of the transaction, the executive vice president now directly owns 198,808 shares in the company, valued at $10,934,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Zinsner sold 9,051 shares of Micron Technology stock in a transaction that occurred on Friday, December 18th. The shares were sold at an average price of $72.17, for a total transaction of $653,210.67. Following the transaction, the chief financial officer now owns 129,214 shares of the company’s stock, valued at $9,325,374.38. The disclosure for this sale can be found here. Insiders sold 126,705 shares of company stock valued at $7,658,336 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

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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