Wedbush Analysts Raise Earnings Estimates for Micron Technology, Inc. (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) – Equities researchers at Wedbush lifted their Q3 2024 earnings per share estimates for shares of Micron Technology in a report issued on Tuesday, June 18th. Wedbush analyst M. Bryson now expects that the semiconductor manufacturer will earn $0.52 per share for the quarter, up from their prior estimate of $0.33. Wedbush has a “Outperform” rating and a $170.00 price target on the stock. The consensus estimate for Micron Technology’s current full-year earnings is $0.30 per share.

A number of other equities analysts have also weighed in on the company. Argus upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research note on Thursday, March 21st. Raymond James upped their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday. Citigroup reaffirmed a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a research note on Thursday, April 4th. Susquehanna boosted their price target on shares of Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research note on Monday, June 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Monday, March 18th. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $147.32.

Micron Technology Trading Down 3.2 %

Micron Technology stock opened at $139.54 on Friday. 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 fifty-two week low of $60.50 and a fifty-two week high of $157.54. The stock has a market cap of $154.52 billion, a P/E ratio of -40.45 and a beta of 1.21. The firm’s fifty day moving average price is $125.90 and its 200-day moving average price is $103.91.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MU. Atria Investments Inc raised its holdings in Micron Technology by 0.3% in the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares during the last quarter. Revolve Wealth Partners LLC increased its position in shares of Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after acquiring an additional 98 shares in the last quarter. Retirement Group LLC raised its holdings in Micron Technology by 37.3% in the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after acquiring an additional 100 shares during the last quarter. AIA Group Ltd lifted its position in Micron Technology by 2.1% in the 1st quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock valued at $568,000 after acquiring an additional 101 shares in the last quarter. Finally, Manchester Capital Management LLC boosted its stake in Micron Technology by 5.2% during the 1st quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock valued at $250,000 after purchasing an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the 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 directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the transaction, the chief executive officer now directly owns 743,557 shares in the company, valued at $90,780,874.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 320,446 shares of company stock valued at $38,724,533 over the last ninety days. Company insiders own 0.32% of the company’s stock.

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.