Micron Technology (NASDAQ:MU) Issues Earnings Results, Beats Expectations By $1.01 EPS

Micron Technology (NASDAQ:MU) released its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $4.78 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $1.01, FiscalAI reports. The company had revenue of $13.64 billion during the quarter, compared to the consensus estimate of $12.62 billion. Micron Technology had a net margin of 22.84% and a return on equity of 17.21%.

Micron Technology Price Performance

NASDAQ MU traded down $6.80 on Wednesday, reaching $225.71. The company had a trading volume of 31,999,306 shares, compared to its average volume of 23,562,834. The firm’s 50 day moving average price is $224.96 and its 200 day moving average price is $162.38. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology has a 12 month low of $61.54 and a 12 month high of $264.75. The stock has a market capitalization of $253.73 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 0.38 and a beta of 1.54.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Friday, October 3rd were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Friday, October 3rd. Micron Technology’s dividend payout ratio is currently 6.06%.

Analysts Set New Price Targets

A number of research analysts have weighed in on MU shares. Itau BBA Securities initiated coverage on shares of Micron Technology in a research note on Tuesday, October 7th. They issued an “outperform” rating and a $249.00 price target on the stock. Wells Fargo & Company upped their price target on shares of Micron Technology from $220.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Wedbush increased their price target on shares of Micron Technology from $220.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday. UBS Group reiterated a “buy” rating and issued a $295.00 target price on shares of Micron Technology in a research report on Thursday, December 11th. Finally, Barclays upped their price target on shares of Micron Technology from $195.00 to $240.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $242.79.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $164.04, for a total value of $2,460,600.00. Following the transaction, the executive vice president directly owned 131,580 shares of the company’s stock, valued at approximately $21,584,383.20. This trade represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott J. Deboer sold 82,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $222.81, for a total value of $18,270,420.00. Following the transaction, the executive vice president owned 154,145 shares of the company’s stock, valued at $34,345,047.45. This trade represents a 34.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 384,852 shares of company stock valued at $81,806,895 over the last 90 days. 0.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently bought and sold shares of the company. Schnieders Capital Management LLC. lifted its holdings in Micron Technology by 67.9% in the second quarter. Schnieders Capital Management LLC. now owns 16,984 shares of the semiconductor manufacturer’s stock worth $2,093,000 after acquiring an additional 6,867 shares during the last quarter. Brighton Jones LLC raised its position in Micron Technology by 18.3% during the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock valued at $532,000 after buying an additional 976 shares during the period. United Bank acquired a new stake in Micron Technology during the second quarter valued at $236,000. Sivia Capital Partners LLC lifted its holdings in Micron Technology by 21.7% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,528 shares of the semiconductor manufacturer’s stock worth $435,000 after purchasing an additional 628 shares during the last quarter. Finally, One Capital Management LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth approximately $231,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.