Micron Technology (NASDAQ:MU) Issues Earnings Results, Beats Expectations By $0.08 EPS

Micron Technology (NASDAQ:MU) issued its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08, MarketWatch Earnings reports. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.69 billion. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The firm’s quarterly revenue was down 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.71 EPS. 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.

MU stock opened at $42.50 on Thursday. Micron Technology has a 1-year low of $31.13 and a 1-year high of $61.19. The business has a fifty day moving average price of $50.64 and a 200-day moving average price of $50.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 1.78. The stock has a market capitalization of $47.95 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.99 and a beta of 1.78.

Several research firms have weighed in on MU. Wedbush raised Micron Technology from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $65.00 in a report on Tuesday, December 17th. Cleveland Research raised Micron Technology from a “neutral” rating to a “buy” rating in a report on Tuesday, January 14th. Goldman Sachs Group reaffirmed a “buy” rating and issued a $66.00 price target (up previously from $59.00) on shares of Micron Technology in a report on Thursday, December 19th. They noted that the move was a valuation call. Raymond James raised Micron Technology from a “market perform” rating to a “strong-buy” rating and set a $70.00 price target on the stock in a report on Thursday, February 6th. Finally, Deutsche Bank reaffirmed a “buy” rating and issued a $65.00 price target (up previously from $55.00) on shares of Micron Technology in a report on Thursday, December 19th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $62.57.

In related news, SVP Joel L. Poppen sold 20,000 shares of Micron Technology stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $56.97, for a total value of $1,139,400.00. Following the completion of the sale, the senior vice president now owns 301,395 shares of the company’s stock, valued at $17,170,473.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP April S. Arnzen sold 4,400 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $60.00, for a total value of $264,000.00. Following the sale, 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. Insiders sold 28,800 shares of company stock valued at $1,644,300 in the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

Micron Technology Company Profile

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 for Micron Technology (NASDAQ:MU)

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