Micron Technology, Inc. (NASDAQ:MU) Expected to Announce Quarterly Sales of $4.50 Billion

Brokerages predict that Micron Technology, Inc. (NASDAQ:MU) will post $4.50 billion in sales for the current quarter, according to Zacks. Eight analysts have provided estimates for Micron Technology’s earnings. The lowest sales estimate is $4.49 billion and the highest is $4.52 billion. Micron Technology reported sales of $8.44 billion during the same quarter last year, which would suggest a negative year over year growth rate of 46.7%. The business is expected to issue its next earnings report on Thursday, September 19th.

On average, analysts expect that Micron Technology will report full year sales of $23.04 billion for the current year, with estimates ranging from $23.02 billion to $23.05 billion. For the next fiscal year, analysts anticipate that the company will post sales of $19.27 billion, with estimates ranging from $16.69 billion to $20.71 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Micron Technology.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.30. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The business had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the previous year, the business posted $3.15 EPS. The firm’s quarterly revenue was down 38.6% compared to the same quarter last year.

A number of brokerages recently issued reports on MU. Needham & Company LLC upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, June 26th. Mizuho restated a “hold” rating and issued a $44.00 price objective on shares of Micron Technology in a research note on Thursday, July 11th. Morgan Stanley upgraded Micron Technology from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $31.00 to $48.00 in a research note on Tuesday, July 30th. Barclays boosted their price objective on Micron Technology from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Finally, ValuEngine raised Micron Technology from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seventeen have given a buy rating to the company. Micron Technology currently has an average rating of “Hold” and a consensus target price of $48.27.

Micron Technology stock traded up $0.19 during midday trading on Friday, reaching $42.23. The stock had a trading volume of 1,880,613 shares, compared to its average volume of 29,181,244. Micron Technology has a 12 month low of $28.39 and a 12 month high of $53.68. The business has a 50-day moving average of $43.01. The firm has a market cap of $46.50 billion, a price-to-earnings ratio of 3.57 and a beta of 1.96. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.79 and a quick ratio of 1.88.

In other Micron Technology news, insider Joel L. Poppen sold 654 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $45.64, for a total value of $29,848.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $45.00, for a total value of $900,000.00. Following the completion of the sale, the executive vice president now owns 130,236 shares of the company’s stock, valued at approximately $5,860,620. The disclosure for this sale can be found here. Insiders sold 57,244 shares of company stock valued at $2,624,899 in the last quarter. Corporate insiders own 0.20% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Micron Technology by 1.0% in the second quarter. BlackRock Inc. now owns 73,370,753 shares of the semiconductor manufacturer’s stock worth $2,831,377,000 after purchasing an additional 717,819 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Micron Technology by 56.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 29,459,631 shares of the semiconductor manufacturer’s stock worth $1,136,847,000 after purchasing an additional 10,672,909 shares in the last quarter. Geode Capital Management LLC raised its holdings in Micron Technology by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock worth $463,429,000 after purchasing an additional 229,817 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Micron Technology by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,570,069 shares of the semiconductor manufacturer’s stock worth $430,599,000 after purchasing an additional 115,976 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Micron Technology by 8.0% in the second quarter. Northern Trust Corp now owns 13,355,786 shares of the semiconductor manufacturer’s stock worth $515,401,000 after purchasing an additional 986,786 shares in the last quarter. Institutional investors own 77.42% of the company’s stock.

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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Earnings History and Estimates for Micron Technology (NASDAQ:MU)

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