Micron Technology, Inc. (NASDAQ:MU) Expected to Earn FY2024 Earnings of $0.53 Per Share

Micron Technology, Inc. (NASDAQ:MU) – Analysts at Cantor Fitzgerald upped their FY2024 earnings per share estimates for Micron Technology in a report released 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 also recently weighed in on MU. Stifel Nicolaus increased their price objective on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley upgraded Micron Technology from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $98.00 to $130.00 in a report on Monday, May 20th. Piper Sandler increased their price target on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Barclays increased their price target on Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Finally, KeyCorp increased their price target on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $137.92.

Micron Technology Stock Performance

NASDAQ MU opened at $153.45 on Wednesday. The company has a market capitalization of $169.93 billion, a price-to-earnings ratio of -44.48 and a beta of 1.21. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The stock has a fifty day simple moving average of $125.23 and a 200 day simple moving average of $103.17. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. Micron Technology’s quarterly revenue was up 57.7% on a year-over-year basis. During the same period in the prior year, the business posted ($2.03) earnings per share.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter worth approximately $769,372,000. Wellington Management Group LLP increased its stake in shares of Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after purchasing an additional 5,257,201 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the last quarter. Morgan Stanley increased its stake in shares of Micron Technology by 19.7% during the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after purchasing an additional 2,852,688 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Micron Technology by 125.0% during the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $120.00, for a total value of $5,400,000.00. Following the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $89,226,840. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $120.00, for a total value of $5,400,000.00. Following the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $89,226,840. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 320,446 shares of company stock valued at $38,724,533. 0.32% of the stock is owned by corporate insiders.

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.