Posted by Defense World Staff on Jun 29th, 2024 
Micron Technology (NASDAQ:MU – Get Free Report) released its quarterly earnings results on Wednesday. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05, reports. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the prior year, the firm posted ($1.57) EPS. Micron Technology’s quarterly revenue was up 81.5% compared to the same quarter last year. Micron Technology updated its Q4 guidance to $1.00-1.16 EPS and its Q4 2024 guidance to 1.000-1.160 EPS.
Micron Technology stock opened at $131.53 on Friday. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a 52 week low of $60.50 and a 52 week high of $157.54. The stock has a 50-day moving average price of $128.07 and a 200 day moving average price of $106.08.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.
In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total value of $1,851,300.00. Following the completion of the sale, the senior vice president now directly owns 138,387 shares in the company, valued at $17,079,723.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders sold 304,840 shares of company stock valued at $37,961,924 over the last quarter. 0.32% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Keynote Financial Services LLC acquired a new position in Micron Technology during the first quarter worth $789,000. EverSource Wealth Advisors LLC boosted its stake in Micron Technology by 15.3% during the first quarter. EverSource Wealth Advisors LLC now owns 4,485 shares of the semiconductor manufacturer’s stock worth $507,000 after buying an additional 596 shares during the last quarter. Westwood Holdings Group Inc. acquired a new position in Micron Technology during the first quarter worth $8,558,000. EULAV Asset Management boosted its stake in Micron Technology by 12.1% during the first quarter. EULAV Asset Management now owns 37,000 shares of the semiconductor manufacturer’s stock worth $4,362,000 after buying an additional 4,000 shares during the last quarter. Finally, Soltis Investment Advisors LLC acquired a new position in Micron Technology during the first quarter worth $245,000. 80.84% of the stock is owned by institutional investors and hedge funds.
MU has been the topic of several recent research reports. Cantor Fitzgerald increased their price target on Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Robert W. Baird increased their target price on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research note on Monday, June 24th. Barclays increased their target price on Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Citigroup increased their target price on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Finally, Raymond James increased their target price on Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Two equities research 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 company currently has an average rating of “Moderate Buy” and an average target price of $158.52.
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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.
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