Micron Technology (NASDAQ:MU) Releases Earnings Results, Beats Expectations By $0.08 EPS
Micron Technology (NASDAQ:MU) announced its quarterly earnings results on Wednesday. The semiconductor manufacturer reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08, MarketWatch Earnings reports. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.69 billion. During the same quarter in the previous year, the firm posted $1.71 EPS. The business’s revenue for the quarter was down 17.7% on a year-over-year basis. Micron Technology updated its Q3 2020
After-Hours guidance to 0.40-0.70 EPS and its Q3 guidance to $0.40-$0.70 EPS.
MU stock opened at $42.50 on Thursday. The company has a market cap of $47.95 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 1.99 and a beta of 1.78. The business has a 50-day simple moving average of $50.64 and a 200 day simple moving average of $50.13. Micron Technology has a 52 week low of $31.13 and a 52 week high of $61.19. The company has a quick ratio of 1.78, a current ratio of 2.56 and a debt-to-equity ratio of 0.16.
A number of brokerages recently weighed in on MU. Piper Jaffray Companies increased their price target on shares of Micron Technology from $46.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. BMO Capital Markets reissued a “buy” rating and issued a $60.00 target price on shares of Micron Technology in a research note on Thursday, December 19th. Bank of America raised Micron Technology from an “underperform” rating to a “buy” rating in a report on Thursday. BidaskClub downgraded Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th. Finally, Longbow Research raised their price target on Micron Technology from $67.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Four investment analysts have rated the stock with a sell rating, three have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $62.57.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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