Micron Technology (NASDAQ:MU) Releases Q3 2022 Earnings Guidance

Micron Technology (NASDAQ:MU – Get Rating) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.360-$2.560 for the period, compared to the Thomson Reuters consensus estimate of $2.210. The company issued revenue guidance of $8.50 billion-$8.90 billion, compared to the consensus revenue estimate of $8.06 billion.

Shares of NASDAQ MU opened at $73.17 on Wednesday. The company’s 50-day simple moving average is $82.72 and its 200-day simple moving average is $81.24. 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 $81.71 billion, a price-to-earnings ratio of 9.38, a price-to-earnings-growth ratio of 0.26 and a beta of 1.16. The company has a quick ratio of 2.33, a current ratio of 3.11 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MU – Get Rating) last announced its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.17. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. 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 business earned $0.90 earnings per share. The company’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities research analysts anticipate that Micron Technology will post 9.15 EPS for the current fiscal year.

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 given a $0.10 dividend. The ex-dividend date is Friday, April 8th. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. Micron Technology’s dividend payout ratio (DPR) is 5.03%.

Several equities analysts have recently weighed in on MU shares. Evercore ISI raised their price target on shares of Micron Technology from $100.00 to $120.00 and gave the stock an outperform rating in a research note on Monday, December 13th. Credit Suisse Group raised their price target on shares of Micron Technology from $110.00 to $130.00 and gave the stock an outperform rating in a research note on Tuesday, December 21st. UBS Group raised their price target on shares of Micron Technology from $105.00 to $115.00 in a research note on Thursday, January 6th. Sanford C. Bernstein raised shares of Micron Technology from a market perform rating to an outperform rating and set a $94.00 target price on the stock in a research note on Wednesday, March 16th. Finally, Summit Insights raised shares of Micron Technology from a hold rating to a buy rating in a research note on Monday, December 20th. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $113.32.

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

A number of hedge funds have recently added to or reduced their stakes in MU. Paradigm Financial Partners LLC purchased a new position in Micron Technology during the 4th quarter worth $205,000. NewEdge Advisors LLC raised its position in Micron Technology by 58.6% during the 4th quarter. NewEdge Advisors LLC now owns 32,365 shares of the semiconductor manufacturer’s stock worth $3,014,000 after buying an additional 11,960 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in Micron Technology during the 4th quarter worth $345,000. First Community Trust NA purchased a new position in Micron Technology during the 4th quarter worth $93,000. Finally, Strategic Wealth Advisors Group LLC raised its position in Micron Technology by 1.3% during the 4th quarter. Strategic Wealth Advisors Group LLC now owns 14,927 shares of the semiconductor manufacturer’s stock worth $1,415,000 after buying an additional 193 shares during the last quarter. Hedge funds and other institutional investors 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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