Micron Technology (NASDAQ:MU – Get Rating) released its quarterly earnings results on Thursday. The semiconductor manufacturer reported $2.59 EPS for the quarter, topping the consensus estimate of $2.34 by $0.25, RTT News reports. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.66 billion. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. Micron Technology’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 EPS. Micron Technology updated its Q4 2022 guidance to $1.43-$1.83 EPS and its Q4 guidance to $1.43-$1.83 EPS.
Shares of NASDAQ MU opened at $53.65 on Friday. Micron Technology has a 12 month low of $51.40 and a 12 month high of $98.45. The company has a market cap of $59.91 billion, a price-to-earnings ratio of 6.75, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a quick ratio of 2.33, a current ratio of 3.11 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $66.04 and a 200-day simple moving average of $77.71.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 26th. Stockholders of record on Monday, July 11th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.86%. This is an increase from Micron Technology’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, July 8th. Micron Technology’s dividend payout ratio is currently 5.03%.
MU has been the topic of a number of recent analyst reports. Summit Insights lowered Micron Technology from a “buy” rating to a “hold” rating in a research report on Sunday, June 12th. Raymond James cut their target price on Micron Technology from $115.00 to $72.00 and set a “strong-buy” rating on the stock in a research report on Friday. StockNews.com lowered Micron Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 14th. Robert W. Baird cut their target price on Micron Technology from $90.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Cowen cut their target price on Micron Technology from $90.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.42.
About Micron Technology (Get Rating)
Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
- Get a free copy of the StockNews.com research report on Micron Technology (MU)
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