Wedbush Comments on Micron Technology, Inc.’s Q3 2024 Earnings (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) – Wedbush boosted their Q3 2024 EPS estimates for shares of Micron Technology in a research report issued to clients and investors on Tuesday, June 18th. Wedbush analyst M. Bryson now anticipates that the semiconductor manufacturer will post earnings per share of $0.52 for the quarter, up from their previous estimate of $0.33. Wedbush currently has a “Outperform” rating and a $170.00 target price on the stock. The consensus estimate for Micron Technology’s current full-year earnings is $0.30 per share.

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

MU has been the subject of several other reports. JPMorgan Chase & Co. increased their target price on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Citigroup reaffirmed a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a research note on Thursday, April 4th. Rosenblatt Securities reissued a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research report on Monday, March 18th. Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Finally, Mizuho raised their target price on Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $140.12.

Micron Technology Stock Performance

NASDAQ MU opened at $144.19 on Friday. The company has a 50-day simple moving average of $125.56 and a two-hundred day simple moving average of $103.45. Micron Technology has a 12-month low of $60.50 and a 12-month high of $157.54. The firm has a market cap of $159.67 billion, a price-to-earnings ratio of -41.79 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.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. DecisionPoint Financial LLC bought a new position in Micron Technology in the first quarter worth approximately $25,000. Valued Wealth Advisors LLC lifted its position in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. Tidemark LLC bought a new stake in Micron Technology during the fourth quarter valued at about $25,000. Pingora Partners LLC purchased a new stake in Micron Technology in the fourth quarter worth about $26,000. Finally, Riverview Trust Co bought a new position in shares of Micron Technology in the first quarter worth about $39,000. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In other news, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $89,226,840. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $120.00, for a total value of $5,400,000.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares in the company, valued at $89,226,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of the sale, the senior vice president now owns 153,387 shares in the company, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. Insiders sold a total of 320,446 shares of company stock worth $38,724,533 in the last three months. 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.