Micron Technology (NASDAQ:MU) Issues Quarterly Earnings Results

Micron Technology (NASDAQ:MU) announced its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.07, MarketWatch Earnings reports. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.66 billion. Micron Technology had a net margin of 12.54% and a return on equity of 7.73%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share.

NASDAQ MU opened at $79.11 on Friday. The firm’s fifty day simple moving average is $69.70 and its two-hundred day simple moving average is $54.71. The company has a current ratio of 2.71, a quick ratio of 1.86 and a debt-to-equity ratio of 0.16. Micron Technology has a 12-month low of $31.13 and a 12-month high of $80.08. The firm has a market capitalization of $88.36 billion, a P/E ratio of 33.38, a P/E/G ratio of 1.83 and a beta of 1.37.

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In other Micron Technology news, CFO David Zinsner sold 9,051 shares of Micron Technology stock in a transaction on Friday, December 18th. The shares were sold at an average price of $72.17, for a total value of $653,210.67. Following the transaction, the chief financial officer now directly owns 129,214 shares of the company’s stock, valued at $9,325,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott J. Deboer sold 27,640 shares of Micron Technology stock in a transaction on Friday, November 6th. The stock was sold at an average price of $55.00, for a total transaction of $1,520,200.00. Following the completion of the transaction, the executive vice president now directly owns 198,808 shares in the company, valued at $10,934,440. The disclosure for this sale can be found here. Insiders sold 126,705 shares of company stock worth $7,658,336 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

MU has been the subject of several analyst reports. Summit Insights raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Friday. Cowen reissued an “outperform” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Micron Technology in a research note on Friday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Micron Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday. Credit Suisse Group raised their price objective on shares of Micron Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Wedbush raised their price objective on shares of Micron Technology from $55.00 to $82.00 in a research note on Tuesday, December 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $79.26.

About Micron Technology

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR, and 3D XPoint memory under the Micron and Crucial brands, as well as through private labels.

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