Micron Technology (NASDAQ:MU) Issues Q4 Earnings Guidance

Micron Technology (NASDAQ:MU) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $1.00-1.16 for the period, compared to the consensus earnings per share estimate of $1.02. The company issued revenue guidance of $7.40-7.80 billion, compared to the consensus revenue estimate of $7.59 billion. Micron Technology also updated its Q4 2024 guidance to 1.000-1.160 EPS.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the stock a buy rating in a research report on Thursday. Mizuho lifted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the company a buy rating in a research report on Friday, May 31st. Raymond James lifted their price target on shares of Micron Technology from $130.00 to $160.00 and gave the company an outperform rating in a research report on Friday, June 21st. Piper Sandler lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an overweight rating in a research report on Thursday. Finally, Bank of America lifted their price target on shares of Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a research report on Monday, June 17th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of Moderate Buy and an average price target of $158.52.

Micron Technology Trading Down 0.5 %

MU stock opened at $131.53 on Friday. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The stock has a 50-day simple moving average of $128.07 and a two-hundred day simple moving average of $106.08.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.57) EPS. As a group, sell-side analysts predict that Micron Technology will post 0.36 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be issued a $0.115 dividend. The ex-dividend date is Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.35%. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling

In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the sale, the executive vice president now directly owns 158,617 shares in the company, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is owned by corporate insiders.

Micron Technology Company Profile

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.