Micron Technology (NASDAQ:MU) Issues Earnings Results

Micron Technology (NASDAQ:MU) posted its quarterly earnings results on Wednesday. The semiconductor manufacturer reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01, RTT News reports. Micron Technology had a net margin of 26.97% and a return on equity of 19.81%. The business had revenue of $5.14 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the previous year, the business posted $2.97 EPS. The company’s quarterly revenue was down 35.0% compared to the same quarter last year. Micron Technology updated its Q2 2020
After-Hours guidance to 0.29-0.41 EPS and its Q2 guidance to $0.29-0.41 EPS.

NASDAQ MU traded up $0.04 during trading on Wednesday, hitting $53.04. The company’s stock had a trading volume of 38,865,970 shares, compared to its average volume of 26,565,488. Micron Technology has a fifty-two week low of $28.39 and a fifty-two week high of $54.30. The company has a market cap of $58.78 billion, a PE ratio of 8.62 and a beta of 1.97. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.58 and a quick ratio of 1.78. The business’s 50 day simple moving average is $47.97 and its 200-day simple moving average is $44.08.

Several equities analysts recently issued reports on the stock. Wells Fargo & Co lifted their price objective on shares of Micron Technology from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 11th. Mizuho reissued a “buy” rating and issued a $53.00 price objective (up previously from $50.00) on shares of Micron Technology in a research note on Monday, November 11th. Goldman Sachs Group upped their target price on Micron Technology from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Sanford C. Bernstein set a $65.00 price target on Micron Technology and gave the company a “buy” rating in a report on Friday, September 27th. Finally, Citigroup boosted their price target on Micron Technology from $30.00 to $35.00 and gave the stock a “sell” rating in a research report on Friday, September 27th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $56.21.

In other Micron Technology news, SVP April S. Arnzen sold 2,477 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $48.47, for a total value of $120,060.19. Following the completion of the transaction, the senior vice president now owns 72,431 shares of the company’s stock, valued at $3,510,730.57. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Patrick J. Byrne sold 23,264 shares of Micron Technology stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $43.27, for a total transaction of $1,006,633.28. Following the sale, the director now owns 97,739 shares of the company’s stock, valued at $4,229,166.53. The disclosure for this sale can be found here. Insiders have sold 34,527 shares of company stock worth $1,536,490 in the last 90 days. Insiders own 0.18% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Earnings History for Micron Technology (NASDAQ:MU)

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