Zacks: Brokerages Anticipate Micron Technology, Inc. (MU) Will Announce Earnings of $3.14 Per Share

Equities analysts expect Micron Technology, Inc. (NASDAQ:MU) to report $3.14 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Micron Technology’s earnings. Micron Technology reported earnings of $1.62 per share during the same quarter last year, which would indicate a positive year over year growth rate of 93.8%. The business is expected to issue its next earnings report after the market closes on Wednesday, June 20th.

On average, analysts expect that Micron Technology will report full year earnings of $11.53 per share for the current fiscal year, with EPS estimates ranging from $11.31 to $11.66. For the next year, analysts expect that the firm will post earnings of $10.75 per share, with EPS estimates ranging from $7.07 to $12.66. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that follow Micron Technology.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.27. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The company had revenue of $7.35 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up 58.2% on a year-over-year basis.

MU has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on Micron Technology from $60.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, March 23rd. BidaskClub raised Micron Technology from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. Cowen set a $53.00 price objective on Micron Technology and gave the company a “buy” rating in a research report on Wednesday, February 21st. BMO Capital Markets lifted their target price on Micron Technology from $43.00 to $63.00 and gave the stock a “market perform” rating in a report on Wednesday, March 21st. Finally, Vetr raised Micron Technology from a “buy” rating to a “strong-buy” rating and set a $54.66 target price for the company in a report on Friday, March 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $66.86.

In other news, Director Mercedes Johnson sold 25,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $50.50, for a total value of $1,262,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott J. Deboer sold 24,795 shares of the business’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $62.00, for a total value of $1,537,290.00. Following the completion of the transaction, the executive vice president now owns 128,579 shares in the company, valued at $7,971,898. The disclosure for this sale can be found here. Insiders have sold 77,850 shares of company stock worth $4,233,228 over the last quarter. 0.53% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. Clearwater Capital Advisors LLC bought a new stake in shares of Micron Technology in the first quarter worth about $104,000. Avestar Capital LLC increased its holdings in shares of Micron Technology by 7,994.3% in the first quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after purchasing an additional 2,798 shares during the last quarter. Lee Financial Co bought a new stake in shares of Micron Technology in the first quarter worth about $188,000. Pictet & Cie Europe SA bought a new stake in shares of Micron Technology in the first quarter worth about $201,000. Finally, Brick & Kyle Associates bought a new stake in shares of Micron Technology in the first quarter worth about $219,000. Institutional investors and hedge funds own 78.55% of the company’s stock.

Micron Technology traded down $0.87, reaching $59.18, on Thursday, Marketbeat.com reports. 43,313,743 shares of the company traded hands, compared to its average volume of 59,995,544. Micron Technology has a one year low of $26.85 and a one year high of $64.66. The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29. The firm has a market cap of $71.20 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 0.54 and a beta of 1.37.

Micron Technology declared that its board has authorized a stock buyback plan on Monday, May 21st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 16.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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Earnings History and Estimates for Micron Technology (NASDAQ:MU)

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