Micron Technology, Inc. Forecasted to Post Q1 2023 Earnings of ($0.14) Per Share (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MUGet Rating) – Research analysts at KeyCorp decreased their Q1 2023 earnings estimates for shares of Micron Technology in a research report issued on Wednesday, November 16th. KeyCorp analyst J. Vinh now anticipates that the semiconductor manufacturer will earn ($0.14) per share for the quarter, down from their previous forecast of ($0.05). The consensus estimate for Micron Technology’s current full-year earnings is ($0.36) per share. KeyCorp also issued estimates for Micron Technology’s Q2 2023 earnings at ($0.66) EPS, Q3 2023 earnings at ($0.43) EPS, Q4 2023 earnings at $0.08 EPS, FY2023 earnings at ($1.15) EPS, Q1 2024 earnings at ($0.06) EPS, Q2 2024 earnings at $0.02 EPS, Q3 2024 earnings at $0.38 EPS, Q4 2024 earnings at $0.56 EPS and FY2024 earnings at $0.92 EPS.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings results on Thursday, September 29th. The semiconductor manufacturer reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.04. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.78 billion. Micron Technology had a net margin of 28.24% and a return on equity of 18.75%. The business’s revenue was down 19.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.37 EPS.

MU has been the topic of a number of other research reports. Susquehanna Bancshares decreased their target price on shares of Micron Technology from $68.00 to $60.00 and set a “positive” rating on the stock in a research report on Monday, September 26th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Micron Technology from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, September 30th. BNP Paribas assumed coverage on shares of Micron Technology in a research report on Tuesday, September 13th. They issued an “outperform” rating and a $75.00 target price on the stock. Needham & Company LLC raised their target price on shares of Micron Technology from $60.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, November 16th. Finally, BMO Capital Markets dropped their price target on shares of Micron Technology from $80.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday, September 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.97.

Micron Technology Stock Down 0.3 %

Micron Technology stock opened at $58.58 on Monday. The stock has a market cap of $63.69 billion, a P/E ratio of 7.58 and a beta of 1.27. The company has a quick ratio of 2.01, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. Micron Technology has a twelve month low of $48.45 and a twelve month high of $98.45. The company’s 50-day moving average price is $54.31 and its two-hundred day moving average price is $59.54.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently made changes to their positions in MU. BDO Wealth Advisors LLC boosted its stake in shares of Micron Technology by 46.7% during the first quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 140 shares during the period. Washington Trust Advisors Inc. boosted its stake in shares of Micron Technology by 26.5% during the first quarter. Washington Trust Advisors Inc. now owns 678 shares of the semiconductor manufacturer’s stock valued at $53,000 after purchasing an additional 142 shares during the period. Penobscot Wealth Management boosted its stake in shares of Micron Technology by 1.5% during the second quarter. Penobscot Wealth Management now owns 11,475 shares of the semiconductor manufacturer’s stock valued at $634,000 after purchasing an additional 167 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in shares of Micron Technology by 6.6% during the first quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock valued at $210,000 after purchasing an additional 168 shares during the period. Finally, X Square Capital LLC boosted its stake in shares of Micron Technology by 0.3% during the second quarter. X Square Capital LLC now owns 59,283 shares of the semiconductor manufacturer’s stock valued at $3,277,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 79.66% of the company’s stock.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 26th. Stockholders of record on Tuesday, October 11th were paid a $0.115 dividend. The ex-dividend date was Friday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.79%. Micron Technology’s dividend payout ratio (DPR) is 5.95%.

About Micron Technology

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Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage 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.

See Also

Earnings History and Estimates for Micron Technology (NASDAQ:MU)

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