Micron Technology, Inc. to Post FY2024 Earnings of $0.53 Per Share, Cantor Fitzgerald Forecasts (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU - Free Report) - Research analysts at Cantor Fitzgerald lifted their FY2024 earnings per share estimates for Micron Technology in a report issued on Monday, June 17th. Cantor Fitzgerald analyst C. Muse now expects that the semiconductor manufacturer will earn $0.53 per share for the year, up from their prior forecast of $0.47. 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 $0.29 per share.

A number of other analysts have also recently issued reports on MU. Fox Advisors raised Micron Technology from an "equal weight" rating to an "overweight" rating in a research report on Thursday, March 21st. Mizuho raised their target price 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. Needham & Company LLC upped their price target on shares of Micron Technology from $100.00 to $120.00 and gave the company a "buy" rating in a research report on Thursday, March 21st. Robert W. Baird raised shares of Micron Technology from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $115.00 to $150.00 in a research report on Monday, May 6th. Finally, StockNews.com raised shares of Micron Technology from a "sell" rating to a "hold" rating in a report on Friday, March 22nd. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.92.

Micron Technology Stock Performance

Shares of MU stock traded up $5.62 during mid-day trading on Wednesday, hitting $153.45. 42,192,569 shares of the stock were exchanged, compared to its average volume of 15,150,144. The stock's fifty day simple moving average is $125.23 and its two-hundred day simple moving average is $103.17. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. Micron Technology has a 12-month low of $60.50 and a 12-month high of $157.54. The stock has a market capitalization of $169.93 billion, a price-to-earnings ratio of -44.48 and a beta of 1.21.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts' consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same period last year, the firm posted ($2.03) EPS. The company's revenue was up 57.7% on a year-over-year basis.

Institutional Trading of Micron Technology

A number of hedge funds have recently added to or reduced their stakes in MU. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Micron Technology in the 3rd quarter worth $3,768,000. Envestnet Asset Management Inc. lifted its stake in shares of Micron Technology by 23.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 838,814 shares of the semiconductor manufacturer's stock valued at $57,065,000 after purchasing an additional 157,676 shares in the last quarter. CenterBook Partners LP purchased a new stake in shares of Micron Technology during the 3rd quarter worth about $1,602,000. Rathbones Group PLC acquired a new stake in Micron Technology during the 3rd quarter worth approximately $334,000. Finally, V Square Quantitative Management LLC purchased a new position in Micron Technology in the third quarter valued at approximately $198,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the business's stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now owns 148,817 shares of the company's stock, valued at approximately $17,753,868.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the company's stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares in the company, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders have sold 365,446 shares of company stock valued at $43,826,633 over the last quarter. Corporate insiders own 0.32% of the company's stock.

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.