Micron Technology (NASDAQ:MU) Updates Q3 Earnings Guidance

Micron Technology (NASDAQ:MU) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of 1.47-1.67 for the period, compared to the consensus earnings per share estimate of $1.52. The company issued revenue guidance of 8.60-9.0, compared to the consensus revenue estimate of $8.48 billion.

Micron Technology Trading Up 0.9 %

Micron Technology stock traded up $0.94 during mid-day trading on Thursday, hitting $103.00. 25,431,783 shares of the stock were exchanged, compared to its average volume of 22,733,242. The stock has a market capitalization of $114.76 billion, a price-to-earnings ratio of 29.68 and a beta of 1.23. Micron Technology has a 12 month low of $83.54 and a 12 month high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm’s fifty day simple moving average is $96.84 and its two-hundred day simple moving average is $98.19.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.95) earnings per share. Analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MU shares. JPMorgan Chase & Co. dropped their price objective on Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. Needham & Company LLC cut their price target on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. UBS Group lifted their price objective on shares of Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday. Finally, KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $134.16.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

A hedge fund recently raised its stake in Micron Technology stock. Brighton Jones LLC boosted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 18.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,318 shares of the semiconductor manufacturer’s stock after buying an additional 976 shares during the period. Brighton Jones LLC’s holdings in Micron Technology were worth $532,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

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.