According to Zacks, “Micron is benefiting from strong growth in managed NAND products, which is boosting revenues of its Mobile Business Unit. Moreover, it expects revival of growth in the second half of calendar 2019 as it anticipates memory demand to improve owing to normalization in most customer inventories by mid-year. Introduction of server processors that support higher memory densities is likely to fuel demand for its solutions. The company has mixed record of earnings surprises in recent quarters. However, Micron is hurt by significant decline in DRAM and NAND pricing. Seasonality, soft smartphone and enterprise server sales, inventory adjustments with key customers, pause in datacenter hardware spending and Intel’s CPU shortages adversely impacted the company’s performance. The tepid guidance for the fiscal third quarter makes us apprehensive about its near-term performance. Shares have underperformed the S&P 500 year to date.”
MU has been the topic of several other reports. UBS Group lifted their price objective on shares of Micron Technology to $41.00 and gave the company a neutral rating in a report on Thursday, March 21st. Rosenblatt Securities reissued a buy rating and set a $75.00 price objective on shares of Micron Technology in a report on Tuesday, March 19th. Cowen lifted their price objective on shares of Micron Technology to $46.00 and gave the company an outperform rating in a report on Thursday, March 21st. Summit Redstone raised shares of Micron Technology to a buy rating in a report on Thursday, March 21st. Finally, ValuEngine lowered shares of Micron Technology from a hold rating to a sell rating in a report on Tuesday, March 5th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $55.74.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.67 by $0.04. The company had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.82 billion. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. Micron Technology’s revenue was down 20.6% compared to the same quarter last year. During the same period last year, the company posted $2.82 earnings per share. Sell-side analysts anticipate that Micron Technology will post 6.27 earnings per share for the current fiscal year.
In other news, EVP Scott J. Deboer sold 14,486 shares of Micron Technology stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $42.88, for a total transaction of $621,159.68. Following the completion of the sale, the executive vice president now directly owns 150,236 shares in the company, valued at $6,442,119.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Joel L. Poppen sold 20,210 shares of Micron Technology stock in a transaction on Monday, April 15th. The stock was sold at an average price of $41.45, for a total transaction of $837,704.50. Following the sale, the senior vice president now owns 269,368 shares of the company’s stock, valued at $11,165,303.60. The disclosure for this sale can be found here. Insiders sold 55,878 shares of company stock worth $2,293,223 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.
Large investors have recently bought and sold shares of the company. James Investment Research Inc. lifted its position in Micron Technology by 4.9% during the fourth quarter. James Investment Research Inc. now owns 394,680 shares of the semiconductor manufacturer’s stock valued at $12,524,000 after purchasing an additional 18,522 shares during the period. Nissay Asset Management Corp Japan ADV lifted its position in Micron Technology by 7.6% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 165,535 shares of the semiconductor manufacturer’s stock valued at $5,252,000 after purchasing an additional 11,645 shares during the period. Gabalex Capital Management LLC lifted its position in Micron Technology by 200.0% during the fourth quarter. Gabalex Capital Management LLC now owns 300,000 shares of the semiconductor manufacturer’s stock valued at $9,519,000 after purchasing an additional 200,000 shares during the period. Connable Office Inc. lifted its position in Micron Technology by 54.3% during the fourth quarter. Connable Office Inc. now owns 60,563 shares of the semiconductor manufacturer’s stock valued at $1,922,000 after purchasing an additional 21,316 shares during the period. Finally, Financial Gravity Wealth Inc. acquired a new position in Micron Technology during the first quarter valued at $55,000. Institutional investors and hedge funds own 77.56% of the company’s stock.
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.
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