Micron Technology (NASDAQ:MU $Micron Technology(MU)$ ) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.360-$2.560 for the period, compared to the Thomson Reuters consensus EPS 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.
Shares of Micron Technology stock opened at $70.12 on Tuesday. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $78.30 billion, a PE ratio of 8.82, a price-to-earnings-growth ratio of 0.24 and a beta of 1.16. The business’s 50-day moving average price is $79.01 and its 200-day moving average price is $81.27. Micron Technology has a 12 month low of $65.67 and a 12 month high of $98.45.
Micron Technology last announced its quarterly earnings data on Tuesday, March 29th. The semiconductor manufacturer reported $2.14 EPS for the quarter, beating the consensus estimate of $1.97 by $0.17. The firm had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.53 billion. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. The company’s revenue was up 25.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS. As a group, analysts predict that Micron Technology will post 9.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 26th. Stockholders of record on Monday, April 11th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, April 8th. This represents a $0.40 annualized dividend and a dividend yield of 0.57%. Micron Technology’s dividend payout ratio (DPR) is presently 5.03%.
MU has been the topic of several recent research reports. StockNews.com initiated coverage on Micron Technology in a research report on Thursday, March 31st. They set a strong-buy rating on the stock. Morgan Stanley raised their price target on Micron Technology from $77.00 to $83.00 and gave the stock an equal weight rating in a research report on Wednesday, March 30th. The Goldman Sachs Group raised their price target on Micron Technology from $101.00 to $116.00 and gave the stock a buy rating in a research report on Monday, January 10th.
UBS Group lifted their price objective on Micron Technology from $105.00 to $115.00 in a research report on Thursday, January 6th. Finally, Mizuho raised their target price on Micron Technology from $110.00 to $113.00 and gave the company a buy rating in a research note on Wednesday, March 30th. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $113.32.
In other news, SVP Robert P. Beard sold 266 shares of the business’s stock in a transaction on Wednesday, February 16th. The stock was sold at an average price of $96.17, for a total value of $25,581.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available atthis link. Also, SVP April S. Arnzen sold 5,600 shares of the business’s stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $76.00, for a total value of $425,600.00. The disclosure for this sale can be foundhere. 0.32% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Strategic Wealth Advisors Group LLC grew its holdings in shares of Micron Technology by 1.3% in the fourth quarter. Strategic Wealth Advisors Group LLC now owns 14,927 shares of the semiconductor manufacturer’s stock worth $1,415,000 after acquiring an additional 193 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Micron Technology in the fourth quarter worth $37,000. Zullo Investment Group Inc. bought a new stake in shares of Micron Technology in the fourth quarter worth $71,000. First Community Trust NA bought a new stake in shares of Micron Technology in the fourth quarter worth $93,000. Finally, SG3 Management LLC bought a new stake in shares of Micron Technology in the fourth quarter worth $140,000. 76.07% of the stock is owned by institutional investors.
About Micron Technology
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.
source: defense world
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