Micron Technology, Inc. (NASDAQ:MU) Expected to Earn FY2024 Earnings of $0.53 Per Share

Micron Technology, Inc. (NASDAQ:MU) – Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for shares of Micron Technology in a research report issued to clients and investors on Monday, June 17th. Cantor Fitzgerald analyst C. Muse now anticipates that the semiconductor manufacturer will post earnings of $0.53 per share for the year, up from their previous forecast of $0.47. Cantor Fitzgerald currently has a “Overweight” rating and a $180.00 target price on the stock. The consensus estimate for Micron Technology’s current full-year earnings is $0.29 per share.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company’s revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.03) EPS.

MU has been the topic of several other reports. Piper Sandler lifted their price objective on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. UBS Group raised their target price on Micron Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Monday, June 10th. The Goldman Sachs Group raised their target price on Micron Technology from $122.00 to $138.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Robert W. Baird upgraded Micron Technology from a “neutral” rating to an “outperform” rating and raised their target price for the company from $115.00 to $150.00 in a report on Monday, May 6th. Finally, Bank of America raised their target price on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $137.92.

Micron Technology Stock Performance

NASDAQ MU opened at $153.45 on Wednesday. The firm has a market capitalization of $169.93 billion, a P/E ratio of -44.48 and a beta of 1.21. Micron Technology has a 1-year low of $60.50 and a 1-year high of $157.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The business’s 50-day simple moving average is $125.23 and its 200-day simple moving average is $103.17.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC bought a new stake in shares of Micron Technology in the 4th quarter worth $25,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the 1st quarter worth $25,000. Pingora Partners LLC bought a new stake in shares of Micron Technology in the 4th quarter worth $26,000. Frank Rimerman Advisors LLC bought a new stake in shares of Micron Technology in the 4th quarter worth $29,000. Finally, Valued Wealth Advisors LLC raised its stake in shares of Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 173 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In related news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $120.00, for a total transaction of $5,400,000.00. Following the completion of the transaction, the chief executive officer now owns 743,557 shares in the company, valued at approximately $89,226,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of the business’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 value of $4,412,400.00. Following the transaction, the executive vice president now 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. In the last quarter, insiders sold 320,446 shares of company stock worth $38,724,533. 0.32% of the stock is currently owned by corporate insiders.

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.