Micron Technology (NASDAQ:MU) released its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.01, RTT News reports. Micron Technology had a return on equity of 19.81% and a net margin of 26.97%. The company had revenue of $5.14 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. The firm’s revenue for the quarter was down 35.0% compared to the same quarter last year. Micron Technology updated its Q2 2020
After-Hours guidance to 0.29-0.41 EPS and its Q2 guidance to $0.29-0.41 EPS.
NASDAQ MU traded up $0.04 on Wednesday, reaching $53.04. The stock had a trading volume of 38,865,970 shares, compared to its average volume of 26,565,488. The company has a quick ratio of 1.78, a current ratio of 2.58 and a debt-to-equity ratio of 0.12. The stock has a fifty day moving average price of $47.97 and a two-hundred day moving average price of $44.08. Micron Technology has a 12-month low of $28.39 and a 12-month high of $54.30. The firm has a market capitalization of $58.78 billion, a price-to-earnings ratio of 8.62 and a beta of 1.97.
Several research analysts have recently commented on MU shares. BMO Capital Markets lifted their price target on Micron Technology from $50.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. Rosenblatt Securities set a $80.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a report on Friday, September 27th. Deutsche Bank set a $55.00 price objective on shares of Micron Technology and gave the stock a “buy” rating in a research report on Monday, September 23rd. Cascend Securities reaffirmed a “buy” rating and set a $65.00 target price (up from $55.00) on shares of Micron Technology in a research note on Tuesday, September 17th. Finally, Raymond James reiterated a “hold” rating on shares of Micron Technology in a report on Monday, September 30th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $56.21.
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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