$7.66 Billion in Sales Expected for Micron Technology, Inc. (NASDAQ:MU) This Quarter

Equities research analysts forecast that Micron Technology, Inc. (NASDAQ:MU) will post $7.66 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Micron Technology’s earnings, with estimates ranging from $7.65 billion to $7.67 billion. Micron Technology reported sales of $5.77 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 32.8%. The business is scheduled to issue its next earnings results after the market closes on Monday, December 20th.

According to Zacks, analysts expect that Micron Technology will report full year sales of $31.34 billion for the current year, with estimates ranging from $30.07 billion to $32.67 billion. For the next year, analysts forecast that the company will post sales of $35.60 billion, with estimates ranging from $32.17 billion to $37.08 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Micron Technology.

Micron Technology (NASDAQ:MU) last released its earnings results on Monday, September 27th. The semiconductor manufacturer reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.09. The business had revenue of $8.27 billion for the quarter, compared to the consensus estimate of $8.21 billion. Micron Technology had a return on equity of 15.98% and a net margin of 21.16%. The business’s quarterly revenue was up 36.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.00 earnings per share.

MU has been the topic of several research reports. Barclays decreased their target price on Micron Technology from $110.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 29th. Susquehanna Bancshares decreased their target price on Micron Technology from $135.00 to $125.00 and set a “positive” rating on the stock in a research report on Wednesday, September 29th. Sanford C. Bernstein initiated coverage on Micron Technology in a research report on Monday, October 25th. They issued an “underperform” rating and a $58.00 target price on the stock. The Goldman Sachs Group decreased their target price on Micron Technology from $104.00 to $88.00 and set a “buy” rating on the stock in a research report on Thursday, October 14th. Finally, Raymond James reduced their price objective on Micron Technology from $120.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Monday, September 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $103.94.

Shares of NASDAQ MU traded up $0.80 during midday trading on Thursday, hitting $86.21. The stock had a trading volume of 21,666,066 shares, compared to its average volume of 19,513,209. The company has a market capitalization of $96.44 billion, a PE ratio of 16.74, a P/E/G ratio of 0.42 and a beta of 1.20. The stock has a 50 day simple moving average of $72.80 and a 200-day simple moving average of $76.03. Micron Technology has a 1 year low of $62.61 and a 1 year high of $96.96. The company has a quick ratio of 2.40, a current ratio of 3.10 and a debt-to-equity ratio of 0.15.

In related news, SVP Joel L. Poppen sold 4,984 shares of the business’s stock in a transaction on Monday, September 13th. The stock was sold at an average price of $74.39, for a total transaction of $370,759.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP April S. Arnzen sold 8,300 shares of Micron Technology stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $73.32, for a total value of $608,556.00. The disclosure for this sale can be found here. Insiders have sold a total of 18,268 shares of company stock valued at $1,327,448 over the last three months. 0.30% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of MU. Capital World Investors lifted its holdings in shares of Micron Technology by 493.2% in the 3rd quarter. Capital World Investors now owns 14,864,469 shares of the semiconductor manufacturer’s stock valued at $1,055,080,000 after purchasing an additional 12,358,857 shares during the last quarter. Amundi acquired a new position in Micron Technology in the 2nd quarter valued at about $678,800,000. Macquarie Group Ltd. increased its position in Micron Technology by 214.0% in the 2nd quarter. Macquarie Group Ltd. now owns 11,689,965 shares of the semiconductor manufacturer’s stock valued at $993,414,000 after acquiring an additional 7,966,929 shares during the period. Capital Research Global Investors increased its position in Micron Technology by 38.8% in the 3rd quarter. Capital Research Global Investors now owns 24,545,270 shares of the semiconductor manufacturer’s stock valued at $1,742,232,000 after acquiring an additional 6,862,615 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Micron Technology by 564.4% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,203,780 shares of the semiconductor manufacturer’s stock valued at $357,237,000 after acquiring an additional 3,571,088 shares during the period. 78.19% of the stock is owned by institutional investors and hedge funds.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Earnings History and Estimates for Micron Technology (NASDAQ:MU)

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