Micron Technology (NASDAQ:MU) Releases First Quarter Earnings Guidance

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Micron Technology (NASDAQ:MU – Get Rating) updated its first-quarter earnings guidance on Thursday. The company provided EPS guidance of ($0.06) to $0.14 for the period, compared to the consensus EPS estimate of $0.72. The company released a revenue forecast of $4.0 billion to $4.5 billion, compared to the consensus revenue estimate of $5.68 billion.

A Wall Street analyst gives his opinion

Several research analysts recently commented on the title. Bank of America downgraded shares of Micron Technology from a buy rating to a neutral rating and lowered its price target for the stock from $70.00 to $62.00 in a Friday 1st research note July. UBS Group cut its price target on Micron Technology shares from $80.00 to $75.00 and placed a buy rating on the stock in a research note on Tuesday. Stifel Nicolaus assumed coverage for Micron Technology shares in a Tuesday, September 20 research note. They issued a holding rating and price target of $56.00 on the stock. Wells Fargo & Company cut its price target on Micron Technology stock from $90.00 to $75.00 and set an overweight rating for the stock in a Wednesday, September 21 research note. Finally, Exane BNP Paribas assumed coverage of Micron Technology shares in a Tuesday, September 13 report. They set an outperform rating and a target price of $75.00 on the stock. Two equity research analysts rated the stock with a sell rating, six gave the company a hold rating and twenty-two gave the company a buy rating. According to data from MarketBeat, Micron Technology has an average moderate buy rating and a consensus price target of $73.18.

Micron Technology Price Performance

The NASDAQ MU fell $0.99 on Thursday, hitting $50.01. The company had a trading volume of 23,706,987 shares, compared to an average volume of 19,833,801. The company has a market capitalization of $55.17 billion, a PE ratio of 5.82, a PEG ratio of 3 .70 and a beta of 1.30. The company’s fifty-day moving average price is $58.00 and its 200-day moving average price is $64.60. The company has a debt ratio of 0.14, a current ratio of 3.24 and a quick ratio of 2.44. Micron Technology has a 12-month low of $48.45 and a 12-month high of $98.45.

Micron Technology (NASDAQ:MU – Get Rating) last released its quarterly results on Thursday, June 30. The semiconductor maker reported EPS of $2.50 for the quarter, beating the consensus estimate of $2.33 by $0.17. The company posted revenue of $8.64 billion in the quarter, versus analyst estimates of $8.66 billion. Micron Technology achieved a net margin of 30.61% and a return on equity of 21.91%. The company’s revenue increased by 16.4% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $1.81. As a group, analysts predict Micron Technology will post earnings per share of 7.88 for the current year.

Insiders place their bets

In other Micron Technology news, SVP Michael W. Bokan sold 16,600 shares of Micron Technology in a trade on Tuesday August 16th. The shares were sold at an average price of $63.82, for a total transaction of $1,059,412.00. Following the sale, the senior vice president now owns 119,126 shares of the company, valued at approximately $7,602,621.32. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. 0.32% of the shares are currently held by company insiders.

Institutional entries and exits

Several institutional investors and hedge funds have recently changed their holdings in UM. Prudential Financial Inc. increased its stake in Micron Technology by 88.5% in the 1st quarter. Prudential Financial Inc. now owns 1,951,840 shares of the semiconductor maker valued at $152,029,000 after purchasing an additional 916,423 shares during the period. Invesco Ltd. increased its stake in Micron Technology by 19.2% during the first quarter. Invesco Ltd. now owns 4,350,765 shares of the semiconductor maker worth $338,880,000 after purchasing an additional 700,826 shares during the period. Bridgewater Associates LP increased its stake in Micron Technology by 18,744.8% during the first quarter. Bridgewater Associates LP now owns 559,314 shares of the semiconductor maker worth $43,565,000 after purchasing an additional 556,346 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Micron Technology by 3.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,661,776 shares of the semiconductor maker worth $440,996,000 after purchasing an additional 203,221 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Micron Technology shares by 603.0% during the first quarter. Lazard Asset Management LLC now owns 190,560 shares of the semiconductor maker worth $14,842,000 after purchasing an additional 163,453 shares during the period. Institutional investors and hedge funds hold 79.66% of the company’s shares.

About Micron Technology

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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 including DRAM products, which are low-latency dynamic random access memory (DRAM) semiconductor devices that enable high-speed data retrieval; NAND products that are non-volatile, rewritable semiconductor storage devices; and NOR memory products, which are non-volatile rewritable semiconductor memory devices that offer fast read speeds under the Micron and Crucial brands, as well as through private labels.

See also

Earnings history and estimates for Micron Technology (NASDAQ:MU)

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