Micron Technology (NASDAQ:MU – Get Rating) issued an update on its fourth quarter 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $1.43-$1.83 for the period, compared to the consensus EPS estimate of $2.62. The company issued revenue guidance of $6.80 billion-$7.60 billion, compared to the consensus revenue estimate of $9.05 billion.
Shares of Micron Technology stock opened at $58.86 on Thursday. The firm has a market capitalization of $64.93 billion, a PE ratio of 6.71, a price-to-earnings-growth ratio of 0.53 and a beta of 1.28. The company has a current ratio of 3.24, a quick ratio of 2.44 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $64.12 and its 200 day moving average is $76.03. Micron Technology has a 1 year low of $51.40 and a 1 year high of $98.45.
Micron Technology (NASDAQ:MU – Get Rating) last announced its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.25. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.66 billion. Micron Technology had a net margin of 30.61% and a return on equity of 21.91%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.81 EPS. As a group, research analysts anticipate that Micron Technology will post 8.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 26th. Investors of record on Monday, July 11th will be issued a dividend of $0.115 per share. The ex-dividend date is Friday, July 8th. This is a positive change from Micron Technology’s previous quarterly dividend of $0.10. This represents a $0.46 annualized dividend and a dividend yield of 0.78%. Micron Technology’s payout ratio is 5.25%.
A number of equities research analysts have weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Micron Technology from $115.00 to $90.00 and set an overweight rating on the stock in a report on Friday, July 1st. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Micron Technology from $100.00 to $70.00 and set a buy rating on the stock in a report on Friday, July 1st. Needham & Company LLC reduced their price objective on shares of Micron Technology from $80.00 to $64.00 and set a buy rating on the stock in a research note on Friday, July 1st. Cowen reduced their price objective on shares of Micron Technology from $90.00 to $70.00 and set an outperform rating on the stock in a research note on Friday, July 1st. Finally, Barclays reduced their price objective on shares of Micron Technology from $105.00 to $75.00 and set an overweight rating on the stock in a research note on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $87.42.
A number of large investors have recently modified their holdings of MU. Zions Bancorporation N.A. boosted its position in Micron Technology by 52.5% during the first quarter. Zions Bancorporation N.A. now owns 2,121 shares of the semiconductor manufacturer’s stock worth $165,000 after purchasing an additional 730 shares during the period. Stonebridge Capital Advisors LLC boosted its position in Micron Technology by 6.6% during the first quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock worth $210,000 after purchasing an additional 168 shares during the period. Brighton Jones LLC boosted its position in Micron Technology by 12.3% during the first quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock worth $227,000 after purchasing an additional 318 shares during the period. Mather Group LLC. lifted its holdings in shares of Micron Technology by 8.8% in the first quarter. Mather Group LLC. now owns 4,055 shares of the semiconductor manufacturer’s stock worth $316,000 after buying an additional 327 shares in the last quarter. Finally, PDT Partners LLC purchased a new stake in shares of Micron Technology in the first quarter worth about $327,000. Hedge funds and other institutional investors own 80.35% of the company’s stock.
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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