FY2024 EPS Estimates for Micron Technology, Inc. (NASDAQ:MU) Raised by Analyst

Micron Technology, Inc. (NASDAQ:MU) – Equities researchers at Cantor Fitzgerald boosted their FY2024 earnings per share estimates for shares of Micron Technology in a research note issued to investors on Thursday, June 27th. Cantor Fitzgerald analyst C. Muse now expects that the semiconductor manufacturer will post earnings of $0.58 per share for the year, up from their previous estimate of $0.53. Cantor Fitzgerald has a “Overweight” rating and a $180.00 price objective on the stock. The consensus estimate for Micron Technology’s current full-year earnings is $0.35 per share.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC boosted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley upped their target price on shares of Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, June 24th. Susquehanna increased their price objective on shares of Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. Citigroup increased their price objective on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, Barclays upped their target price on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $131.53 on Friday. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The firm has a market cap of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21. The company has a 50 day moving average of $128.07 and a 200 day moving average of $106.08. 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 issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative return on equity of 4.03% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same period in the previous year, the firm posted ($1.57) EPS. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in Micron Technology in the 4th quarter valued at about $769,372,000. Wellington Management Group LLP raised its stake in shares of Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after acquiring an additional 5,257,201 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. Morgan Stanley raised its stake in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after acquiring an additional 2,852,688 shares during the period. Finally, California Public Employees Retirement System raised its stake in shares of Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after acquiring an additional 2,523,267 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the sale, the chief executive officer now owns 743,557 shares in the company, valued at $90,780,874.13. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following 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. Over the last ninety days, insiders sold 304,840 shares of company stock worth $37,961,924. Company insiders own 0.32% of the company’s stock.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.35%. Micron Technology’s payout ratio is currently -32.39%.

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.