Zacks: Analysts Expect Micron Technology, Inc. (NASDAQ:MU) to Post $2.45 EPS

Brokerages forecast that Micron Technology, Inc. (NASDAQ:MUGet Rating) will post $2.45 earnings per share for the current quarter, Zacks reports. Seven analysts have issued estimates for Micron Technology’s earnings, with estimates ranging from $2.40 to $2.46. Micron Technology reported earnings per share of $1.88 during the same quarter last year, which indicates a positive year-over-year growth rate of 30.3%. The company is scheduled to report its next quarterly earnings results after the market closes on Monday, January 1st.

On average, analysts expect that Micron Technology will report full year earnings of $9.54 per share for the current year, with EPS estimates ranging from $9.08 to $9.73. For the next fiscal year, analysts forecast that the company will post earnings of $11.67 per share, with EPS estimates ranging from $8.06 to $12.74. Zacks’ EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Micron Technology.

Micron Technology (NASDAQ:MUGet Rating) last announced its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.20. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. The business had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter last year, the firm earned $0.90 EPS. Micron Technology’s revenue for the quarter was up 25.6% compared to the same quarter last year.

A number of brokerages recently issued reports on MU. Piper Sandler lowered Micron Technology from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $90.00 to $70.00 in a research report on Friday, June 3rd. Citigroup decreased their price target on Micron Technology from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday. Rosenblatt Securities restated a “buy” rating and issued a $165.00 price target on shares of Micron Technology in a research note on Wednesday, March 30th. Mizuho raised their price target on Micron Technology from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, March 30th. Finally, Susquehanna restated a “buy” rating and issued a $115.00 price target on shares of Micron Technology in a research note on Monday, May 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $112.12.

In other Micron Technology news, SVP April S. Arnzen sold 5,600 shares of Micron Technology stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $76.00, for a total value of $425,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Micron Technology by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 90,507,938 shares of the semiconductor manufacturer’s stock worth $7,049,663,000 after buying an additional 1,037,418 shares in the last quarter. State Street Corp raised its holdings in shares of Micron Technology by 2.4% during the 4th quarter. State Street Corp now owns 47,336,782 shares of the semiconductor manufacturer’s stock worth $4,414,090,000 after buying an additional 1,104,114 shares in the last quarter. Sanders Capital LLC raised its holdings in shares of Micron Technology by 1.6% during the 1st quarter. Sanders Capital LLC now owns 41,921,490 shares of the semiconductor manufacturer’s stock worth $3,551,295,000 after buying an additional 646,950 shares in the last quarter. Capital World Investors raised its holdings in shares of Micron Technology by 28.8% during the 1st quarter. Capital World Investors now owns 35,314,215 shares of the semiconductor manufacturer’s stock worth $2,750,624,000 after buying an additional 7,894,757 shares in the last quarter. Finally, Capital Research Global Investors raised its holdings in shares of Micron Technology by 28.6% during the 1st quarter. Capital Research Global Investors now owns 33,193,160 shares of the semiconductor manufacturer’s stock worth $2,585,436,000 after buying an additional 7,380,205 shares in the last quarter. 80.35% of the stock is owned by hedge funds and other institutional investors.

Shares of Micron Technology stock opened at $68.60 on Thursday. The business’s 50 day simple moving average is $71.21 and its 200 day simple moving average is $80.88. Micron Technology has a 52-week low of $65.67 and a 52-week high of $98.45. The firm has a market cap of $76.60 billion, a PE ratio of 8.63, a P/E/G ratio of 0.24 and a beta of 1.17. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 3.11.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 26th. Shareholders of record on Monday, April 11th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, April 8th. This represents a $0.40 annualized dividend and a yield of 0.58%. Micron Technology’s dividend payout ratio is presently 5.03%.

About Micron Technology (Get Rating)

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 provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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