Micron Technology (NASDAQ:MU) Issues Earnings Results

Micron Technology (NASDAQ:MU) announced its earnings results on Wednesday. The semiconductor manufacturer reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.08, RTT News reports. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.69 billion. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The firm’s revenue was down 17.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.71 earnings per share. Micron Technology updated its Q3 2020
After-Hours guidance to 0.40-0.70 EPS and its Q3 guidance to $0.40-$0.70 EPS.

NASDAQ:MU traded down $0.77 on Wednesday, hitting $42.50. The company had a trading volume of 53,672,262 shares, compared to its average volume of 28,901,023. The stock has a market capitalization of $47.10 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.76 and a beta of 1.78. The company has a current ratio of 2.56, a quick ratio of 1.78 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $50.64 and a two-hundred day moving average of $50.13. Micron Technology has a 52 week low of $31.13 and a 52 week high of $61.19.

A number of equities analysts have commented on MU shares. Susquehanna Bancshares reiterated a “buy” rating and issued a $85.00 target price on shares of Micron Technology in a report on Sunday, January 5th. Deutsche Bank reiterated a “buy” rating and set a $65.00 price target (up previously from $55.00) on shares of Micron Technology in a research report on Thursday, December 19th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Micron Technology from a “hold” rating to a “sell” rating and set a $54.00 price target on the stock. in a research report on Monday, December 16th. BMO Capital Markets reiterated a “buy” rating and set a $60.00 price target on shares of Micron Technology in a research report on Thursday, December 19th. Finally, Wedbush upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $65.00 in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology has an average rating of “Buy” and an average target price of $62.74.

In other news, SVP Joel L. Poppen sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the completion of the transaction, the senior vice president now owns 301,395 shares of the company’s stock, valued at $17,170,473.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP April S. Arnzen sold 4,400 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $60.00, for a total transaction of $264,000.00. Following the transaction, the senior vice president now directly owns 83,880 shares of the company’s stock, valued at approximately $5,032,800. The disclosure for this sale can be found here. In the last three months, insiders sold 28,800 shares of company stock valued at $1,644,300. 0.18% of the stock is owned by insiders.

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.

Recommended Story: What is basic economics?

Earnings History for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.