$6.35 Billion in Sales Expected for Micron Technology, Inc. (MU) This Quarter
Equities research analysts predict that Micron Technology, Inc. (NASDAQ:MU) will announce $6.35 billion in sales for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Micron Technology’s earnings, with the lowest sales estimate coming in at $6.30 billion and the highest estimate coming in at $6.49 billion. Micron Technology posted sales of $3.97 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 59.9%. The firm is expected to issue its next earnings results on Wednesday, December 20th.
According to Zacks, analysts expect that Micron Technology will report full year sales of $6.35 billion for the current financial year, with estimates ranging from $23.30 billion to $24.47 billion. For the next year, analysts anticipate that the firm will post sales of $24.65 billion per share, with estimates ranging from $22.80 billion to $25.70 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Micron Technology.
Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.18. The business had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The firm’s revenue was up 90.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) EPS.
MU has been the topic of a number of analyst reports. Cowen and Company restated a “buy” rating and set a $50.00 target price on shares of Micron Technology in a research note on Wednesday. Vetr cut shares of Micron Technology from a “buy” rating to a “hold” rating and set a $42.77 target price on the stock. in a research note on Tuesday, October 31st. KeyCorp restated a “hold” rating on shares of Micron Technology in a research note on Friday, October 27th. Macquarie restated an “outperform” rating and set a $50.00 target price (up previously from $42.00) on shares of Micron Technology in a research note on Monday, October 23rd. Finally, Citigroup Inc. restated a “buy” rating on shares of Micron Technology in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $46.57.
Shares of Micron Technology (NASDAQ MU) traded down $0.63 during trading on Thursday, hitting $43.71. 27,555,798 shares of the stock traded hands, compared to its average volume of 37,837,848. The stock has a market cap of $50,408.77, a PE ratio of 9.84, a PEG ratio of 0.60 and a beta of 1.78. Micron Technology has a 1-year low of $16.45 and a 1-year high of $45.33. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 0.51.
In other Micron Technology news, CFO Ernest E. Maddock purchased 3,400 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were purchased at an average cost of $27.89 per share, with a total value of $94,826.00. Following the completion of the purchase, the chief financial officer now owns 192,385 shares in the company, valued at approximately $5,365,617.65. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $44.55, for a total transaction of $133,650.00. Following the completion of the transaction, the director now directly owns 117,299 shares in the company, valued at $5,225,670.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 333,415 shares of company stock worth $12,602,325. Insiders own 0.69% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Capital Research Global Investors lifted its stake in Micron Technology by 386.6% in the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock worth $1,188,259,000 after acquiring an additional 31,616,346 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Micron Technology by 292.8% in the second quarter. Janus Henderson Group PLC now owns 11,850,988 shares of the semiconductor manufacturer’s stock worth $353,885,000 after acquiring an additional 8,834,274 shares during the last quarter. BT Investment Management Ltd purchased a new position in Micron Technology in the second quarter worth approximately $95,449,000. Bank of Montreal Can lifted its stake in Micron Technology by 116.0% in the second quarter. Bank of Montreal Can now owns 4,017,357 shares of the semiconductor manufacturer’s stock worth $119,958,000 after acquiring an additional 2,157,673 shares during the last quarter. Finally, Pioneer Investment Management Inc. lifted its stake in Micron Technology by 298.4% in the second quarter. Pioneer Investment Management Inc. now owns 2,590,309 shares of the semiconductor manufacturer’s stock worth $77,347,000 after acquiring an additional 1,940,212 shares during the last quarter. Institutional investors and hedge funds own 77.14% of the company’s stock.
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