Micron Technology (NASDAQ:MU) Posts Quarterly Earnings Results, Beats Expectations By $0.69 EPS

Micron Technology (NASDAQ:MU) announced its quarterly earnings results on Wednesday. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69, Briefing.com reports. The company had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.97%. The firm’s revenue was up 57.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($2.03) EPS. Micron Technology updated its Q3 guidance to $0.38-$0.52 EPS and its Q3 2024 guidance to 0.380-0.520 EPS.

Micron Technology Stock Performance

Shares of MU stock opened at $110.13 on Friday. The stock has a fifty day moving average of $88.17 and a 200 day moving average of $79.08. Micron Technology has a 52 week low of $56.01 and a 52 week high of $113.50. The firm has a market capitalization of $121.57 billion, a price-to-earnings ratio of -31.84 and a beta of 1.24. The company has a quick ratio of 2.14, a current ratio of 3.53 and a debt-to-equity ratio of 0.29.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 16th. Investors of record on Monday, April 1st will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Raymond James lifted their price target on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Piper Sandler lifted their target price on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday. Stifel Nicolaus lifted their target price on shares of Micron Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday. Wedbush lifted their target price on shares of Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $118.69.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $86.52, for a total value of $605,640.00. Following the completion of the sale, the chief executive officer now owns 651,759 shares of the company’s stock, valued at $56,390,188.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Micron Technology news, EVP Scott J. Deboer sold 28,228 shares of the firm’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $87.24, for a total transaction of $2,462,610.72. Following the completion of the transaction, the executive vice president now owns 203,342 shares of the company’s stock, valued at $17,739,556.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $86.52, for a total value of $605,640.00. Following the transaction, the chief executive officer now directly owns 651,759 shares of the company’s stock, valued at approximately $56,390,188.68. The disclosure for this sale can be found here. Insiders sold 254,228 shares of company stock valued at $24,036,891 over the last quarter. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MU. KB Financial Partners LLC raised its position in shares of Micron Technology by 3.3% in the 2nd quarter. KB Financial Partners LLC now owns 5,000 shares of the semiconductor manufacturer’s stock worth $316,000 after purchasing an additional 162 shares during the last quarter. Studio Investment Management LLC raised its position in shares of Micron Technology by 0.8% in the 4th quarter. Studio Investment Management LLC now owns 21,367 shares of the semiconductor manufacturer’s stock worth $1,068,000 after purchasing an additional 167 shares during the last quarter. Stonebridge Capital Advisors LLC raised its position in shares of Micron Technology by 6.6% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock worth $210,000 after purchasing an additional 168 shares during the last quarter. Centaurus Financial Inc. raised its position in shares of Micron Technology by 1.5% in the 2nd quarter. Centaurus Financial Inc. now owns 11,610 shares of the semiconductor manufacturer’s stock worth $733,000 after purchasing an additional 173 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in Micron Technology by 3.5% in the 1st quarter. Evergreen Capital Management LLC now owns 5,682 shares of the semiconductor manufacturer’s stock worth $443,000 after buying an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 79.25% of the company’s stock.

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.