December 4, 2022

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Micron Technology (NASDAQ:MU) Updates Q3 Earnings Guidance

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Micron Technology (NASDAQ:MUGet Rating) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.36-$2.56 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.25. The company issued revenue guidance of $8.50-$8.90 billion, compared to the consensus revenue estimate of $8.16 billion.Micron Technology also updated its Q3 2022 guidance to $2.360-$2.560 EPS.

Several equities analysts have recently issued reports on the company. New Street Research assumed coverage on Micron Technology in a research report on Monday, January 10th. They set a buy rating and a $135.00 price objective for the company. Credit Suisse Group boosted their price objective on Micron Technology from $110.00 to $130.00 and gave the stock an outperform rating in a research report on Tuesday, December 21st. BMO Capital Markets assumed coverage on Micron Technology in a research report on Tuesday, December 21st. They set a buy rating and a $115.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Micron Technology from $101.00 to $116.00 and gave the stock a buy rating in a research report on Monday, January 10th. Finally, Cowen boosted their price objective on Micron Technology from $80.00 to $99.00 and gave the stock an outperform rating in a research report on Monday, December 6th. Five research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Micron Technology has a consensus rating of Buy and an average target price of $113.54.

NASDAQ:MU traded up $2.19 during trading hours on Tuesday, hitting $82.05. 39,403,922 shares of the stock traded hands, compared to its average volume of 22,725,600. The firm has a 50 day moving average price of $83.26 and a 200 day moving average price of $81.13. The company has a current ratio of 3.10, a quick ratio of 2.36 and a debt-to-equity ratio of 0.15. Micron Technology has a fifty-two week low of $65.67 and a fifty-two week high of $98.45. The firm has a market cap of $91.88 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 0.37 and a beta of 1.17.

Micron Technology (NASDAQ:MUGet Rating) last announced its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.16. Micron Technology had a net margin of 24.86% and a return on equity of 19.01%. The company had revenue of $7.79 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the previous year, the business earned $0.90 EPS. The company’s revenue was up 25.6% on a year-over-year basis. Research analysts predict that Micron Technology will post 8.78 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 26th. Stockholders of record on Monday, April 11th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. Micron Technology’s dividend payout ratio (DPR) is presently 6.17%.

In other Micron Technology news, SVP April S. Arnzen sold 5,600 shares of the stock in a transaction on Thursday, March 24th. The shares were sold at an average price of $76.00, for a total transaction of $425,600.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 100,000 shares of the stock in a transaction on Friday, January 14th. The stock was sold at an average price of $97.16, for a total transaction of $9,716,000.00. The disclosure for this sale can be found here. Insiders sold 222,973 shares of company stock worth $21,367,995 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Strategic Wealth Advisors Group LLC boosted its holdings in Micron Technology by 1.3% during the fourth quarter. Strategic Wealth Advisors Group LLC now owns 14,927 shares of the semiconductor manufacturer’s stock valued at $1,415,000 after acquiring an additional 193 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Micron Technology in the fourth quarter valued at about $37,000. Zullo Investment Group Inc. bought a new stake in shares of Micron Technology in the fourth quarter valued at about $71,000. First Community Trust NA bought a new stake in shares of Micron Technology in the fourth quarter valued at about $93,000. Finally, SG3 Management LLC bought a new stake in shares of Micron Technology in the fourth quarter valued at about $140,000. Institutional investors own 76.07% of the company’s stock.

Micron Technology Company Profile (Get Rating)

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 provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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