Zacks: Brokerages Expect Micron Technology, Inc. (MU) Will Post Quarterly Sales of $7.27 Billion
Wall Street analysts forecast that Micron Technology, Inc. (NASDAQ:MU) will announce sales of $7.27 billion for the current quarter, Zacks reports. Five analysts have provided estimates for Micron Technology’s earnings, with the highest sales estimate coming in at $7.29 billion and the lowest estimate coming in at $7.25 billion. Micron Technology posted sales of $4.65 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 56.3%. The company is expected to report its next quarterly earnings results after the market closes on Thursday, March 22nd.
According to Zacks, analysts expect that Micron Technology will report full-year sales of $7.27 billion for the current financial year, with estimates ranging from $28.05 billion to $29.41 billion. For the next year, analysts forecast that the firm will post sales of $29.03 billion per share, with estimates ranging from $27.51 billion to $31.23 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Micron Technology.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 EPS for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The business had revenue of $6.80 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same period in the previous year, the company posted $0.32 earnings per share. The business’s revenue for the quarter was up 71.4% on a year-over-year basis.
In other news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total value of $2,583,050.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP April S. Arnzen sold 1,222 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $43.77, for a total value of $53,486.94. Following the completion of the sale, the senior vice president now directly owns 57,969 shares of the company’s stock, valued at $2,537,303.13. The disclosure for this sale can be found here. Insiders sold 171,692 shares of company stock valued at $7,349,827 over the last three months. Corporate insiders own 0.53% of the company’s stock.
Several hedge funds have recently bought and sold shares of MU. SevenBridge Financial Group LLC raised its stake in shares of Micron Technology by 87.5% during the third quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock worth $100,000 after purchasing an additional 1,190 shares during the last quarter. Salem Investment Counselors Inc. raised its stake in shares of Micron Technology by 76.0% during the third quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock worth $115,000 after purchasing an additional 1,252 shares during the last quarter. Jacobi Capital Management LLC raised its stake in shares of Micron Technology by 368.8% during the third quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock worth $135,000 after purchasing an additional 2,600 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Micron Technology during the third quarter worth approximately $204,000. Finally, Girard Partners LTD. purchased a new stake in shares of Micron Technology during the fourth quarter worth approximately $207,000. 81.34% of the stock is owned by institutional investors and hedge funds.
Micron Technology (MU) opened at $49.11 on Monday. Micron Technology has a 52-week low of $24.81 and a 52-week high of $49.89. The company has a market capitalization of $56,790.00, a PE ratio of 7.73, a PEG ratio of 0.49 and a beta of 1.45. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39.
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About Micron Technology
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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