Micron Technology (NASDAQ:MU) Releases Q3 2022 Earnings Guidance

Micron Technology (NASDAQ:MUGet Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.360-$2.560 for the period, compared to the Thomson Reuters consensus estimate of $2.210. The company issued revenue guidance of $8.50 billion-$8.90 billion, compared to the consensus revenue estimate of $8.06 billion.

MU has been the subject of several recent analyst reports. New Street Research initiated coverage on shares of Micron Technology in a report on Monday, January 10th. They set a buy rating and a $135.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Micron Technology from $100.00 to $115.00 and gave the stock an overweight rating in a report on Tuesday, December 21st. The Goldman Sachs Group upped their price objective on shares of Micron Technology from $101.00 to $116.00 and gave the stock a buy rating in a report on Monday, January 10th. Bank of America upped their price objective on shares of Micron Technology from $100.00 to $118.00 and gave the stock a buy rating in a report on Monday, January 10th. Finally, Wedbush raised shares of Micron Technology from a neutral rating to an outperform rating and upped their price objective for the stock from $100.00 to $120.00 in a report on Monday, February 14th. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Micron Technology presently has a consensus rating of Buy and an average target price of $113.32.

Shares of MU stock opened at $71.15 on Tuesday. Micron Technology has a 52-week low of $65.67 and a 52-week high of $98.45. The stock has a market cap of $79.45 billion, a price-to-earnings ratio of 8.95, a P/E/G ratio of 0.24 and a beta of 1.16. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 3.11. The firm has a fifty day moving average of $80.97 and a 200-day moving average of $81.24.

Micron Technology (NASDAQ:MUGet Rating) last announced its quarterly earnings data on Tuesday, March 29th. The semiconductor manufacturer reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.17. The company had revenue of $7.79 billion during the quarter, compared to analysts’ expectations of $7.53 billion. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The business’s revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.90 EPS. On average, sell-side analysts predict that Micron Technology will post 9.15 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 26th. Investors of record on Monday, April 11th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Friday, April 8th. Micron Technology’s dividend payout ratio (DPR) is currently 5.03%.

In other Micron Technology news, SVP April S. Arnzen sold 5,600 shares of the stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $76.00, for a total transaction of $425,600.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Robert P. Beard sold 266 shares of the stock in a transaction dated Wednesday, February 16th. The stock was sold at an average price of $96.17, for a total transaction of $25,581.22. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Paradigm Financial Partners LLC bought a new position in shares of Micron Technology in the 4th quarter valued at about $205,000. NewEdge Advisors LLC raised its position in shares of Micron Technology by 58.6% in the 4th quarter. NewEdge Advisors LLC now owns 32,365 shares of the semiconductor manufacturer’s stock valued at $3,014,000 after acquiring an additional 11,960 shares during the period. Kingsview Wealth Management LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $345,000. First Community Trust NA acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $93,000. Finally, Strategic Wealth Advisors Group LLC raised its position in shares of Micron Technology by 1.3% in the 4th quarter. Strategic Wealth Advisors Group LLC now owns 14,927 shares of the semiconductor manufacturer’s stock valued at $1,415,000 after acquiring an additional 193 shares during the period. 76.07% of the stock is currently owned by institutional investors.

About Micron Technology (Get Rating)

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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide 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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