Micron Technology, Inc. Expected to Post Q1 2024 Earnings of $0.15 Per Share (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MUGet Rating) – Research analysts at Zacks Research decreased their Q1 2024 earnings per share estimates for Micron Technology in a research report issued on Wednesday, November 16th. Zacks Research analyst A. Bhagat now anticipates that the semiconductor manufacturer will earn $0.15 per share for the quarter, down from their prior estimate of $0.23. The consensus estimate for Micron Technology’s current full-year earnings is ($0.36) per share. Zacks Research also issued estimates for Micron Technology’s Q2 2024 earnings at $0.25 EPS.

Several other equities research analysts also recently weighed in on the stock. Wedbush decreased their target price on shares of Micron Technology from $85.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, September 26th. Piper Sandler decreased their target price on shares of Micron Technology from $50.00 to $45.00 and set an “underweight” rating for the company in a research note on Friday, September 30th. Exane BNP Paribas assumed coverage on shares of Micron Technology in a research note on Tuesday, September 13th. They set an “outperform” rating and a $75.00 target price for the company. Loop Capital assumed coverage on shares of Micron Technology in a research report on Thursday, October 13th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, StockNews.com assumed coverage on shares of Micron Technology in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.97.

Micron Technology Stock Performance

NASDAQ MU opened at $58.58 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.01. Micron Technology has a 1 year low of $48.45 and a 1 year high of $98.45. The company has a market capitalization of $63.69 billion, a PE ratio of 7.58 and a beta of 1.27. The company has a fifty day moving average of $54.31 and a two-hundred day moving average of $59.54.

Micron Technology (NASDAQ:MUGet Rating) last posted its earnings results on Thursday, September 29th. The semiconductor manufacturer reported $1.45 EPS for the quarter, beating the consensus estimate of $1.41 by $0.04. Micron Technology had a return on equity of 18.75% and a net margin of 28.24%. The firm had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same quarter in the prior year, the company posted $2.37 earnings per share. Micron Technology’s revenue for the quarter was down 19.7% compared to the same quarter last year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 26th. Investors of record on Tuesday, October 11th were issued a dividend of $0.115 per share. The ex-dividend date was Friday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.79%. Micron Technology’s payout ratio is 5.95%.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC increased its stake in Micron Technology by 2.1% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 16,551 shares of the semiconductor manufacturer’s stock worth $1,289,000 after buying an additional 348 shares during the period. CENTRAL TRUST Co increased its stake in Micron Technology by 60.0% during the 1st quarter. CENTRAL TRUST Co now owns 1,512 shares of the semiconductor manufacturer’s stock worth $118,000 after buying an additional 567 shares during the period. Metis Global Partners LLC increased its stake in Micron Technology by 81.6% during the 1st quarter. Metis Global Partners LLC now owns 17,834 shares of the semiconductor manufacturer’s stock worth $1,389,000 after buying an additional 8,016 shares during the period. Hohimer Wealth Management LLC purchased a new stake in Micron Technology during the 1st quarter worth $3,235,000. Finally, Lyell Wealth Management LP increased its stake in Micron Technology by 2.8% during the 1st quarter. Lyell Wealth Management LP now owns 14,372 shares of the semiconductor manufacturer’s stock worth $1,119,000 after buying an additional 385 shares during the period. Institutional investors and hedge funds own 79.66% of the company’s stock.

About Micron Technology

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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 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.

Further Reading

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

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