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

Micron Technology (NASDAQ:MU) posted 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. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the firm posted ($1.57) EPS. The business’s revenue was up 81.5% compared to the same quarter last year. 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 Trading Up 0.9 %

NASDAQ MU traded up $1.24 during trading hours on Wednesday, hitting $142.36. The company’s stock had a trading volume of 47,212,004 shares, compared to its average volume of 20,182,566. The stock has a fifty day moving average of $126.64 and a 200 day moving average of $105.26. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The firm has a market capitalization of $157.65 billion, a P/E ratio of -41.30 and a beta of 1.21. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MU shares. KeyCorp boosted their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Citigroup upped their target price on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Monday. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Stifel Nicolaus upped their target price on shares of Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Finally, Piper Sandler upped their target price on shares of Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00. Following the transaction, the chief executive officer now directly owns 728,557 shares in the company, valued at $94,712,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00. Following the transaction, the chief executive officer now directly owns 728,557 shares in the company, valued at $94,712,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the sale, the executive vice president now directly owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock worth $37,961,924 over the last ninety days. Company insiders own 0.32% of the company’s stock.

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.