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Zacks: Analysts Anticipate Micron Technology, Inc. (NASDAQ:MU) Will Announce Earnings of $2.45 Per Share

Equities analysts predict that Micron Technology, Inc. (NASDAQ:MUGet Rating) will announce earnings per share (EPS) of $2.45 for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for Micron Technology’s earnings, with the highest EPS estimate coming in at $2.46 and the lowest estimate coming in at $2.40. Micron Technology posted earnings of $1.88 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 30.3%. The company is expected to report its next earnings report after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Micron Technology will report full-year earnings of $9.54 per share for the current financial year, with EPS estimates ranging from $9.08 to $9.73. For the next fiscal year, analysts forecast that the firm will report earnings of $11.67 per share, with EPS estimates ranging from $8.06 to $12.74. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that cover Micron Technology.

Micron Technology (NASDAQ:MUGet Rating) last announced its quarterly earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.20. The firm had revenue of $7.79 billion for the quarter, compared to analysts’ expectations of $7.53 billion. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. Micron Technology’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share.

A number of analysts have recently issued reports on the stock. Citigroup dropped their price objective on shares of Micron Technology from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday. Rosenblatt Securities reiterated a “buy” rating and set a $165.00 price objective on shares of Micron Technology in a research note on Wednesday, March 30th. Sanford C. Bernstein upgraded shares of Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 price objective on the stock in a research note on Wednesday, March 16th. Piper Sandler lowered shares of Micron Technology from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $90.00 to $70.00 in a research note on Friday, June 3rd. Finally, StockNews.com lowered shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $112.12.

In other Micron Technology news, SVP April S. Arnzen sold 5,600 shares of the business’s stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $76.00, for a total value of $425,600.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.32% of the company’s stock.

A number of institutional investors have recently modified their holdings of MU. Legacy Wealth Asset Management LLC boosted its holdings in Micron Technology by 0.9% in the fourth quarter. Legacy Wealth Asset Management LLC now owns 12,632 shares of the semiconductor manufacturer’s stock valued at $1,177,000 after acquiring an additional 111 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in Micron Technology by 7.2% during the fourth quarter. Lindbrook Capital LLC now owns 1,690 shares of the semiconductor manufacturer’s stock worth $157,000 after buying an additional 114 shares during the last quarter. FineMark National Bank & Trust boosted its holdings in Micron Technology by 4.0% during the fourth quarter. FineMark National Bank & Trust now owns 3,062 shares of the semiconductor manufacturer’s stock worth $285,000 after buying an additional 119 shares during the last quarter. Trust Co. of Oklahoma boosted its holdings in Micron Technology by 1.5% during the fourth quarter. Trust Co. of Oklahoma now owns 7,878 shares of the semiconductor manufacturer’s stock worth $734,000 after buying an additional 120 shares during the last quarter. Finally, Hancock Whitney Corp boosted its holdings in Micron Technology by 1.3% during the fourth quarter. Hancock Whitney Corp now owns 10,803 shares of the semiconductor manufacturer’s stock worth $1,006,000 after buying an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 80.35% of the company’s stock.

Shares of MU stock opened at $68.60 on Thursday. The stock has a market cap of $76.60 billion, a price-to-earnings ratio of 8.63, a price-to-earnings-growth ratio of 0.24 and a beta of 1.17. 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 has a fifty-two week low of $65.67 and a fifty-two week high of $98.45. The firm’s 50 day moving average price is $71.21 and its two-hundred day moving average price is $80.88.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 26th. Investors of record on Monday, April 11th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend was Friday, April 8th. Micron Technology’s payout ratio is currently 5.03%.

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 and Estimates for Micron Technology (NASDAQ:MU)

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