Micron Technology, Inc. (NASDAQ:MU) Forecasted to Earn FY2024 Earnings of $0.58 Per Share

Micron Technology, Inc. (NASDAQ:MU) – Investment analysts at Cantor Fitzgerald increased their FY2024 earnings per share (EPS) estimates for shares of Micron Technology in a note issued to investors on Thursday, June 27th. Cantor Fitzgerald analyst C. Muse now expects that the semiconductor manufacturer will earn $0.58 per share for the year, up from their prior forecast of $0.53. Cantor Fitzgerald has a “Overweight” rating and a $180.00 price target on the stock. The consensus estimate for Micron Technology’s current full-year earnings is $0.36 per share.

MU has been the topic of a number of other reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. Susquehanna upped their price objective on shares of Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a research note on Monday, June 17th. UBS Group decreased their target price on shares of Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Finally, Mizuho lifted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $158.52.

Micron Technology Stock Performance

NASDAQ:MU opened at $131.53 on Friday. The company has a 50-day moving average of $128.07 and a 200-day moving average of $106.28. The firm has a market cap of $145.65 billion, a price-to-earnings ratio of -92.63 and a beta of 1.21. The company has a current ratio of 3.41, a quick ratio of 2.40 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.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue was up 81.5% on a year-over-year basis. During the same period last year, the firm posted ($1.57) earnings per share.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tidemark LLC purchased a new position in Micron Technology in the fourth quarter worth approximately $25,000. DecisionPoint Financial LLC acquired a new position in Micron Technology in the first quarter valued at $25,000. Pingora Partners LLC purchased a new stake in Micron Technology during the 4th quarter valued at approximately $26,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Micron Technology during the fourth quarter worth approximately $29,000. Finally, Valued Wealth Advisors LLC increased its stake in shares of Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now directly owns 260,857 shares in the company, valued at $30,981,985.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sumit Sadana sold 13,239 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the sale, the executive vice president now owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The disclosure for this sale can be found here. In the last quarter, insiders have sold 304,840 shares of company stock worth $37,961,924. Insiders own 0.32% of the company’s stock.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

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.