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Micron Technology (NASDAQ:MU) Releases Earnings Results, Beats Expectations By $0.32 EPS

Tuesday, June 30, 2020 | MarketBeat

Micron Technology (NASDAQ:MU) announced its earnings results on Monday. The semiconductor manufacturer reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.32, MarketWatch Earnings reports. The company had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.05 billion. Micron Technology had a return on equity of 7.16% and a net margin of 11.72%. Micron Technology's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.05 earnings per share. Micron Technology updated its Q4 2020 After-Hours guidance to 0.95-1.15 EPS and its Q4 guidance to $0.95-1.15 EPS.

Micron Technology stock opened at $49.15 on Tuesday. The stock has a market cap of $54.66 billion, a P/E ratio of 24.33, a price-to-earnings-growth ratio of 2.12 and a beta of 1.61. Micron Technology has a fifty-two week low of $31.13 and a fifty-two week high of $61.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.85 and a current ratio of 2.74. The firm's fifty day moving average price is $48.38 and its 200-day moving average price is $50.06.

In other news, SVP April S. Arnzen sold 2,542 shares of Micron Technology stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $45.00, for a total transaction of $114,390.00. Following the sale, the senior vice president now owns 73,054 shares of the company's stock, valued at approximately $3,287,430. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is owned by company insiders.

MU has been the topic of a number of recent analyst reports. Wedbush lowered Micron Technology from an "outperform" rating to a "neutral" rating and boosted their target price for the stock from $51.00 to $55.00 in a research report on Wednesday, June 10th. They noted that the move was a valuation call. Cowen reaffirmed an "outperform" rating and set a $65.00 target price (down from $70.00) on shares of Micron Technology in a research report on Thursday, March 26th. BMO Capital Markets lowered Micron Technology from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $60.00 to $55.00 in a research report on Tuesday, June 23rd. Citigroup reaffirmed a "sell" rating on shares of Micron Technology in a research report on Thursday, May 28th. Finally, Mizuho reiterated a "buy" rating and set a $63.00 price target on shares of Micron Technology in a report on Monday. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. Micron Technology presently has an average rating of "Buy" and an average price target of $63.14.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

Read More: Are sell-side analysts objective?

Earnings History for Micron Technology (NASDAQ:MU)

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