December 3, 2022

Tyna Woods

Technology does the job

Micron Technology (NASDAQ:MU) Announces Quarterly Earnings Results

Micron Technology (NASDAQ:MUGet Rating) released its earnings results on Tuesday. The semiconductor manufacturer reported $2.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.17, MarketWatch Earnings reports. The company had revenue of $7.79 billion for the quarter, compared to analysts’ expectations of $7.53 billion. Micron Technology had a return on equity of 19.01% and a net margin of 24.86%. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. Micron Technology updated its Q3 2022 guidance to $2.360-$2.560 EPS and its Q3 guidance to $2.36-$2.56 EPS.

Shares of Micron Technology stock traded down $1.27 during trading hours on Thursday, hitting $77.89. The company had a trading volume of 34,506,820 shares, compared to its average volume of 23,688,107. The company’s 50-day moving average is $83.06 and its two-hundred day moving average is $81.14. Micron Technology has a twelve month low of $65.67 and a twelve month high of $98.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.10 and a quick ratio of 2.36. The company has a market cap of $87.22 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 0.38 and a beta of 1.17.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 26th. Stockholders of record on Monday, April 11th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.51%. The ex-dividend date is Friday, April 8th. Micron Technology’s payout ratio is 6.17%.

Several equities analysts recently issued reports on the company. New Street Research started coverage on Micron Technology in a report on Monday, January 10th. They issued a “buy” rating and a $135.00 price target on the stock. StockNews.com started coverage on Micron Technology in a research note on Thursday. They issued a “strong-buy” rating for the company. Cowen lifted their target price on Micron Technology from $80.00 to $99.00 and gave the stock an “outperform” rating in a research note on Monday, December 6th. Bank of America lifted their price objective on Micron Technology from $100.00 to $118.00 and gave the company a “buy” rating in a report on Monday, January 10th. Finally, Wedbush raised Micron Technology from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $100.00 to $120.00 in a report on Monday, February 14th. Five analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $113.86.

In related news, SVP April S. Arnzen sold 5,600 shares of the stock in a transaction on Thursday, March 24th. The shares were sold at an average price of $76.00, for a total transaction of $425,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael W. Bokan sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 11th. The stock was sold at an average price of $93.83, for a total transaction of $1,876,600.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 222,973 shares of company stock valued at $21,367,995. 0.32% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Raleigh Capital Management Inc. purchased a new position in shares of Micron Technology in the 4th quarter valued at about $37,000. Zullo Investment Group Inc. acquired a new stake in Micron Technology in the 4th quarter valued at about $71,000. First Community Trust NA acquired a new stake in Micron Technology in the 4th quarter valued at about $93,000. SG3 Management LLC acquired a new stake in Micron Technology in the 4th quarter valued at about $140,000. Finally, Paradigm Financial Partners LLC acquired a new stake in Micron Technology in the 4th quarter valued at about $205,000. Institutional investors and hedge funds own 76.07% of the company’s stock.

Micron Technology Company Profile (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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Earnings History for Micron Technology (NASDAQ:MU)

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