Micron Technology (NASDAQ:MU) Releases Q3 Earnings Guidance

Micron Technology (NASDAQ:MU) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 1.47-1.67 for the period, compared to the consensus 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 Stock Performance

Shares of MU stock traded up $0.94 during trading on Thursday, reaching $103.00. 26,192,435 shares of the company’s stock were exchanged, compared to its average volume of 22,735,367. 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 stock has a market capitalization of $114.76 billion, a PE ratio of 29.68 and a beta of 1.23. Micron Technology has a twelve month low of $83.54 and a twelve month high of $157.54. The firm’s fifty day moving average price is $96.84 and its 200-day moving average price is $98.19.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.95) EPS. As a group, sell-side analysts anticipate that Micron Technology will post 6.08 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on MU shares. Cantor Fitzgerald dropped their price objective on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a research report on Monday. TD Cowen dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Finally, Barclays dropped their target price on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.16.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Friday, December 20th. The stock was 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 directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A hedge fund recently raised its stake in Micron Technology stock. Brighton Jones LLC boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 18.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,318 shares of the semiconductor manufacturer’s stock after acquiring 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 (SEC). 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.