Micron Technology (NASDAQ:MU) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Micron Technology (NASDAQ:MU) issued its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14, Briefing.com reports. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.57) EPS. Micron Technology updated its Q4 guidance to $1.00-1.16 EPS and its Q4 2024 guidance to 1.000-1.160 EPS.

Micron Technology Stock Performance

MU stock traded down $0.70 during trading on Friday, hitting $131.53. 38,140,587 shares of the company traded hands, compared to its average volume of 26,317,870. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.40. Micron Technology has a 1 year low of $60.50 and a 1 year high of $157.54. The stock’s 50-day simple moving average is $128.07 and its 200 day simple moving average is $106.46. The company has a market cap of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MU shares. The Goldman Sachs Group increased their price target on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday. KeyCorp increased their target price on Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday. Wolfe Research increased their target price on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Stifel Nicolaus increased their target price on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, Susquehanna increased their target price on Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research note on Monday, June 17th. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $158.52.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total value of $854,630.00. Following the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total value of $854,630.00. Following the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the sale, the executive vice president now directly owns 158,617 shares in the company, valued at $17,497,041.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 304,840 shares of company stock valued at $37,961,924. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MU. Vanguard Group Inc. increased its position in Micron Technology by 1.8% during the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after purchasing an additional 1,681,815 shares during the last quarter. Capital World Investors increased its position in Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after purchasing an additional 1,400,154 shares during the last quarter. Sanders Capital LLC increased its position in Micron Technology by 2.3% during the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after purchasing an additional 503,923 shares during the last quarter. Capital International Investors increased its position in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.