Micron Technology (NASDAQ:MU) Announces Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• Micron Technology reported earnings of $2.86 per share, exceeding expectations by $0.09, with a net margin of 18.41%.
• The company's stock rose by 1.1%, trading at $166.41, with a total trading volume significantly higher than its average.
• Micron announced a quarterly dividend of $0.115 per share, which was paid to investors of record, representing an annualized yield of 0.3%.

Micron Technology (NASDAQ:MU - Get Free Report) released its quarterly earnings data on Tuesday. The semiconductor manufacturer reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.09, Zacks reports. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%.

Micron Technology Stock Up 1.1%

Micron Technology stock traded up $1.79 during trading hours on Tuesday, hitting $166.41. The company had a trading volume of 36,589,932 shares, compared to its average volume of 22,844,871. The firm's fifty day moving average is $124.74 and its 200-day moving average is $106.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. Micron Technology has a fifty-two week low of $61.54 and a fifty-two week high of $170.45. The firm has a market capitalization of $186.23 billion, a P/E ratio of 29.98 and a beta of 1.47.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. Micron Technology's payout ratio is presently 8.29%.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 13,798 shares of Micron Technology stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the completion of the sale, the chief executive officer directly owned 325,148 shares in the company, valued at $52,739,005.60. The trade was a 4.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total transaction of $278,070.68. Following the transaction, the director directly owned 20,146 shares in the company, valued at approximately $2,330,287.82. The trade was a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,946 shares of company stock worth $32,306,159 in the last ninety days. Company insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the company. WealthCollab LLC boosted its holdings in shares of Micron Technology by 4,500.0% during the 2nd quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 270 shares during the period. CLG LLC acquired a new stake in Micron Technology during the second quarter worth $202,000. Florida Financial Advisors LLC bought a new position in Micron Technology during the second quarter worth about $214,000. Vivaldi Capital Management LP bought a new stake in Micron Technology in the second quarter valued at $233,000. Finally, Ruane Cunniff & Goldfarb L.P. acquired a new position in Micron Technology in the second quarter valued at about $266,000. Institutional investors own 80.84% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MU shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $150.00 price target on shares of Micron Technology in a research note on Monday, August 11th. Wall Street Zen lowered shares of Micron Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $165.00 to $185.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. KGI Securities cut shares of Micron Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 23rd. Finally, Mizuho upped their price target on Micron Technology from $155.00 to $182.00 and gave the company an "outperform" rating in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $165.54.

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.

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