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

Micron Technology, Inc. (NASDAQ:MU) – Equities research analysts at Cantor Fitzgerald increased their FY2024 earnings estimates for Micron Technology in a report released on Thursday, June 27th. Cantor Fitzgerald analyst C. Muse now expects that the semiconductor manufacturer will post earnings per share of $0.58 for the year, up from their previous forecast of $0.53. 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 $0.36 per share.

Other equities analysts have also issued reports about the stock. Needham & Company LLC boosted their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday. StockNews.com upgraded Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Piper Sandler lifted their price objective on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup upped their target price on Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, KeyCorp lifted their price target on Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $158.52.

Micron Technology Price Performance

NASDAQ:MU 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’s 50-day moving average price is $128.07 and its 200-day moving average price is $106.28. The stock has a market capitalization of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last released its 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 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the company posted ($1.57) earnings per share. The company’s revenue was up 81.5% compared to the same quarter last year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the transaction, the chief executive officer now owns 743,557 shares in the company, valued at $90,780,874.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The disclosure for this sale can be found here. Insiders have sold a total of 304,840 shares of company stock valued at $37,961,924 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. Norges Bank acquired a new stake in Micron Technology during the 4th quarter valued at approximately $769,372,000. Wellington Management Group LLP raised its stake in Micron Technology by 43.4% during the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after buying an additional 5,257,201 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Micron Technology by 22.2% in the first 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 buying an additional 3,315,988 shares during the period. Morgan Stanley lifted its holdings in Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after buying an additional 2,852,688 shares during the period. Finally, California Public Employees Retirement System boosted its position in Micron Technology by 125.0% during the fourth 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 last quarter. 80.84% of the stock is owned by institutional investors.

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.