Micron Technology, Inc. (MU) Expected to Announce Quarterly Sales of $6.39 Billion
Equities research analysts forecast that Micron Technology, Inc. (NASDAQ:MU) will announce sales of $6.39 billion for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Micron Technology’s earnings, with the highest sales estimate coming in at $6.49 billion and the lowest estimate coming in at $6.30 billion. Micron Technology reported sales of $3.97 billion during the same quarter last year, which would indicate a positive year over year growth rate of 61%. The business is scheduled to issue its next quarterly earnings results on Wednesday, December 20th.
On average, analysts expect that Micron Technology will report full-year sales of $6.39 billion for the current fiscal year, with estimates ranging from $23.30 billion to $25.64 billion. For the next financial year, analysts anticipate that the firm will post sales of $24.71 billion per share, with estimates ranging from $22.80 billion to $25.72 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Micron Technology.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.84 by $0.18. Micron Technology had a net margin of 38.58% and a return on equity of 54.60%. The firm had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.97 billion. During the same quarter in the previous year, the firm posted ($0.01) EPS. The firm’s quarterly revenue was up 90.8% on a year-over-year basis.
MU has been the topic of several analyst reports. BidaskClub raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, August 19th. Mizuho reissued a “buy” rating and set a $38.00 price objective on shares of Micron Technology in a report on Wednesday, August 16th. Citigroup Inc. reissued a “buy” rating and set a $45.00 price objective on shares of Micron Technology in a report on Monday, August 14th. Cowen and Company reissued a “buy” rating on shares of Micron Technology in a report on Thursday, August 10th. Finally, J P Morgan Chase & Co reissued a “buy” rating on shares of Micron Technology in a report on Tuesday, August 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $47.20.
Shares of Micron Technology (NASDAQ:MU) opened at $49.40 on Wednesday. Micron Technology has a one year low of $18.18 and a one year high of $49.63. The stock has a market cap of $56,970.00, a price-to-earnings ratio of 10.40, a P/E/G ratio of 0.62 and a beta of 1.78. The company has a current ratio of 2.34, a quick ratio of 1.75 and a debt-to-equity ratio of 0.51.
In related news, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the business’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the transaction, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at $11,046,714. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott J. Deboer sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $34.00, for a total transaction of $340,000.00. Following the transaction, the executive vice president now directly owns 140,232 shares in the company, valued at $4,767,888. The disclosure for this sale can be found here. Insiders have sold 308,415 shares of company stock worth $11,836,825 in the last 90 days. 0.69% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. SevenBridge Financial Group LLC grew its position in Micron Technology by 87.5% during the third quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after purchasing an additional 1,190 shares in the last quarter. Captrust Financial Advisors purchased a new position in Micron Technology during the second quarter valued at approximately $107,000. Salem Investment Counselors Inc. grew its position in Micron Technology by 76.0% during the third quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after purchasing an additional 1,252 shares in the last quarter. Jacobi Capital Management LLC grew its position in Micron Technology by 368.8% during the third quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock valued at $135,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. purchased a new position in Micron Technology during the second quarter valued at approximately $141,000. 76.85% of the stock is currently owned by hedge funds and other institutional investors.
About Micron Technology
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Micron Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.