Micron Technology Inc. (MU) Releases Q1 Earnings Guidance
Micron Technology Inc. (NASDAQ:MU) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.13-0.21 for the period, compared to the Thomson Reuters consensus estimate of $0.12. The company issued revenue guidance of $3.55-3.85 billion, compared to the consensus revenue estimate of $3.48 billion.
Shares of Micron Technology Inc. (NASDAQ:MU) traded up 0.197% during midday trading on Wednesday, reaching $17.835. 56,900,224 shares of the company’s stock were exchanged. The company has a market cap of $18.52 billion, a price-to-earnings ratio of 51.250 and a beta of 1.77. The stock’s 50 day moving average price is $16.90 and its 200 day moving average price is $13.23. Micron Technology Inc. has a 12-month low of $9.31 and a 12-month high of $19.30.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.12. Micron Technology had a net margin of 2.86% and a return on equity of 3.95%. The firm earned $3.22 billion during the quarter. During the same period in the prior year, the firm posted $0.37 earnings per share. Micron Technology’s revenue for the quarter was down 10.6% on a year-over-year basis. Equities analysts anticipate that Micron Technology Inc. will post ($0.01) earnings per share for the current fiscal year.
A number of brokerages recently weighed in on MU. Pacific Crest reiterated a hold rating on shares of Micron Technology in a report on Sunday, June 26th. Nomura upgraded shares of Micron Technology from a reduce rating to a buy rating in a report on Thursday, June 23rd. Goldman Sachs Group Inc. decreased their price objective on shares of Micron Technology from $18.00 to $16.00 and set a neutral rating for the company in a report on Wednesday. Stifel Nicolaus lifted their price objective on shares of Micron Technology from $20.00 to $22.00 and gave the company a buy rating in a report on Wednesday. Finally, Morgan Stanley reiterated an overweight rating and set a $20.00 price objective on shares of Micron Technology in a report on Wednesday. Four research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $18.20.
In other news, VP Scott J. Deboer sold 31,500 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $17.05, for a total transaction of $537,075.00. Following the sale, the vice president now owns 207,265 shares of the company’s stock, valued at $3,533,868.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.85% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. TCW Group Inc. boosted its stake in shares of Micron Technology by 161.4% in the second quarter. TCW Group Inc. now owns 2,870,735 shares of the semiconductor manufacturer’s stock valued at $39,501,000 after buying an additional 1,772,587 shares during the period. Teachers Advisors Inc. boosted its stake in shares of Micron Technology by 72.5% in the second quarter. Teachers Advisors Inc. now owns 3,250,839 shares of the semiconductor manufacturer’s stock valued at $44,732,000 after buying an additional 1,366,813 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Micron Technology by 23.5% in the second quarter. TIAA CREF Investment Management LLC now owns 5,763,504 shares of the semiconductor manufacturer’s stock valued at $79,306,000 after buying an additional 1,095,174 shares during the period. Cavalry Management Group LLC purchased a new stake in shares of Micron Technology during the second quarter valued at $9,840,000. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Micron Technology during the second quarter valued at $9,307,000. 81.42% of the stock is currently owned by hedge funds and other institutional investors.
About Micron Technology
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