Micron Technology, Inc. (NASDAQ:MU) – Research analysts at KeyCorp decreased their Q3 2020 earnings per share (EPS) estimates for Micron Technology in a note issued to investors on Monday, March 23rd. KeyCorp analyst W. Twigg now expects that the semiconductor manufacturer will earn $0.56 per share for the quarter, down from their prior estimate of $0.58. KeyCorp currently has a “Overweight” rating and a $48.00 price target on the stock.
Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.69 billion. During the same quarter last year, the business earned $1.71 EPS. The business’s revenue was down 17.7% on a year-over-year basis.
MU has been the subject of several other research reports. Zacks Investment Research cut shares of Micron Technology from a “hold” rating to a “sell” rating and set a $54.00 target price for the company. in a research note on Monday, December 16th. Wedbush reduced their target price on shares of Micron Technology from $65.00 to $51.00 and set an “outperform” rating for the company in a research note on Thursday. ValuEngine cut shares of Micron Technology from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 24th. Goldman Sachs Group restated a “buy” rating and issued a $66.00 target price (up previously from $59.00) on shares of Micron Technology in a research note on Thursday, December 19th. They noted that the move was a valuation call. Finally, Morgan Stanley reduced their target price on shares of Micron Technology from $73.00 to $52.50 and set an “overweight” rating for the company in a research note on Wednesday, March 18th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $60.78.
MU stock opened at $44.79 on Thursday. Micron Technology has a one year low of $31.13 and a one year high of $61.19. The stock has a market capitalization of $49.21 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.78 and a current ratio of 2.56. The company has a fifty day moving average of $50.38 and a 200-day moving average of $50.10.
In other Micron Technology news, SVP April S. Arnzen sold 4,400 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $54.75, for a total transaction of $240,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Joel L. Poppen sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the transaction, the senior vice president now owns 301,395 shares of the company’s stock, valued at $17,170,473.15. The disclosure for this sale can be found here. Insiders sold a total of 28,800 shares of company stock valued at $1,644,300 in the last quarter. Insiders own 0.18% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. State Street Corp increased its holdings in Micron Technology by 1.1% during the 4th quarter. State Street Corp now owns 47,746,271 shares of the semiconductor manufacturer’s stock valued at $2,567,794,000 after acquiring an additional 501,020 shares in the last quarter. Sanders Capital LLC increased its holdings in Micron Technology by 256.9% during the 4th quarter. Sanders Capital LLC now owns 18,507,152 shares of the semiconductor manufacturer’s stock valued at $1,091,353,000 after acquiring an additional 13,321,570 shares in the last quarter. Norges Bank purchased a new position in Micron Technology during the 4th quarter valued at about $651,802,000. Capital International Investors increased its holdings in Micron Technology by 76.1% during the 4th quarter. Capital International Investors now owns 11,342,270 shares of the semiconductor manufacturer’s stock valued at $609,987,000 after acquiring an additional 4,902,150 shares in the last quarter. Finally, Boston Partners increased its holdings in Micron Technology by 9,655.1% during the 4th quarter. Boston Partners now owns 7,641,070 shares of the semiconductor manufacturer’s stock valued at $411,055,000 after acquiring an additional 7,562,741 shares in the last quarter. Hedge funds and other institutional investors own 79.22% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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