Micron Technology, Inc. (MU) Expected to Announce Quarterly Sales of $6.33 Billion
Equities research analysts predict that Micron Technology, Inc. (NASDAQ:MU) will announce $6.33 billion in sales for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Micron Technology’s earnings. The highest sales estimate is $6.49 billion and the lowest is $6.30 billion. Micron Technology posted sales of $3.97 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 59.4%. The business is expected to report its next quarterly earnings results on Wednesday, December 20th.
On average, analysts expect that Micron Technology will report full year sales of $6.33 billion for the current fiscal year, with estimates ranging from $23.30 billion to $24.47 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $24.65 billion per share, with estimates ranging from $22.80 billion to $25.70 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Micron Technology.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, topping the consensus estimate of $1.84 by $0.18. The firm had revenue of $6.14 billion for the quarter, compared to analyst estimates of $5.97 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. Micron Technology’s revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) EPS.
A number of equities research analysts recently weighed in on MU shares. UBS AG reiterated an “average” rating and issued a $36.00 price objective (up from $32.00) on shares of Micron Technology in a research report on Friday, June 30th. Loop Capital reiterated a “buy” rating and issued a $40.00 price objective on shares of Micron Technology in a research report on Friday, June 30th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Micron Technology in a research report on Friday, June 30th. Rosenblatt Securities reiterated a “buy” rating on shares of Micron Technology in a research report on Tuesday, June 27th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Micron Technology in a research report on Monday, June 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $45.35.
Shares of Micron Technology (MU) traded down 2.65% during midday trading on Friday, hitting $40.39. The stock had a trading volume of 41,233,739 shares. The firm has a 50-day moving average of $36.09 and a 200 day moving average of $31.15. The firm has a market cap of $44.79 billion, a PE ratio of 9.16 and a beta of 1.82. Micron Technology has a 12-month low of $16.45 and a 12-month high of $42.07.
In related news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $28.47, for a total value of $85,410.00. Following the completion of the transaction, the director now directly owns 120,284 shares of the company’s stock, valued at approximately $3,424,485.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ernest E. Maddock acquired 3,400 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average cost of $27.89 per share, with a total value of $94,826.00. Following the completion of the acquisition, the chief financial officer now owns 192,385 shares in the company, valued at approximately $5,365,617.65. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 304,415 shares of company stock worth $11,322,305. 0.69% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its holdings in shares of Micron Technology by 386.6% during the 2nd 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 holdings in shares of Micron Technology by 292.8% during the 2nd 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. Vanguard Group Inc. lifted its holdings in shares of Micron Technology by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 86,141,622 shares of the semiconductor manufacturer’s stock worth $2,489,492,000 after acquiring an additional 4,004,759 shares during the last quarter. Janus Capital Management LLC lifted its holdings in shares of Micron Technology by 232.4% during the 1st quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock worth $161,085,000 after acquiring an additional 3,896,978 shares during the last quarter. Finally, BT Investment Management Ltd bought a new stake in shares of Micron Technology during the 2nd quarter worth $95,449,000. 79.31% of the stock is owned by institutional investors.
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