Micron Technology (NASDAQ:MU) Updates Q1 2023 Earnings Guidance

Micron Technology (NASDAQ:MU – Get Rating ) issued an update to its Q1 2023 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of -$0.06-$0.14 for the period, compared to the consensus estimate of $0.64. The company posted revenue guidance of $4.00 billion to $4.50 billion, compared to the consensus estimate for revenue of $5.62 billion.

Cost effectiveness of Micron technology

Shares of MU stock opened at $55.60 on Monday. Micron Technology has a 52-week low of $48.45 and a 52-week high of $98.45. The company has a debt-to-equity ratio of 0.14, a quick earnings ratio of 2.01 and a current ratio of 2.89. The firm has a market cap of $60.45 billion, a P/E ratio of 7.19 and a beta of 1.29. The stock has a 50-day moving average of $54.91 and a 200-day moving average of $61.49.

Micron Technology (NASDAQ:MU – Get Rating ) last posted its quarterly earnings data on Thursday, September 29th. The semiconductor maker reported $1.45 EPS for the quarter, topping the consensus estimate of $1.41 by $0.04. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.78 billion. Micron Technology had a return on equity of 18.75% and a net margin of 28.24%. Micron Technology’s quarterly revenue was down 19.7% on a year-over-year basis. During the same period last year, the business posted $2.37 EPS. As a group, sell-side analysts forecast that Micron Technology will post -0.22 earnings per share for the current year.

Dividend Announcement for Micron Technology

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Tuesday, October 11th will be paid a dividend of $0.115 per share. This represents an annualized dividend of $0.46 and a yield of 0.83%. The ex-dividend date of this dividend is Friday, October 7th. Micron Technology’s payout ratio is currently 5.95%.

Changes in analyst ratings

MU has been the subject of a number of recent research reports. Bank of America cut their target price on shares of Micron Technology from $62.00 to $58.00 and set a neutral rating for the company in a report on Friday, September 30th. Loop Capital assumed coverage on Micron Technology in a report on Thursday, October 13th. They set a buy rating and a $70.00 target price for the company. Morgan Stanley cut their target price on Micron Technology from $56.00 to $49.00 and set an underweight rating on the stock in a research note on Friday, September 30th. Summit Insights upgraded Micron Technology from a hold rating to a buy rating in a research note on Friday, September 30th. Finally, UBS Group reduced their target price on Micron Technology from $80.00 to $75.00 and set a buy rating on the stock in a research note on Tuesday, September 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the company. The stock has an average rating of Moderate Buy and a consensus price target of $71.52, according to MarketBeat.com.

Internal activity

In other news, SVP Michael W. Bokan sold 16,600 shares of Micron Technology stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $63.82, for a total value of $1,059,412.00. Following the sale, the senior vice president now owns 119,126 shares in the company, valued at $7,602,621.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC’s website. Insiders own 0.32% of the company’s stock.

Micron Technology Institutional Trading

Several large investors have recently made changes to their positions in the company. Prudential Financial Inc. grew its stake in Micron Technology by 88.5% during the first quarter. Prudential Financial Inc. now owns 1,951,840 shares of the semiconductor maker’s stock valued at $152,029,000 after purchasing an additional 916,423 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Micron Technology by 19.2% in the first quarter. Invesco Ltd. now owns 4,350,765 shares of the semiconductor maker’s stock valued at $338,880,000 after acquiring an additional 700,826 shares during the period. Bridgewater Associates LP lifted its position in shares of Micron Technology by 18,744.8% in the first quarter. Bridgewater Associates LP now owns 559,314 shares of the semiconductor maker’s stock valued at $43,565,000 after acquiring an additional 556,346 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Micron Technology by 3.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,661,776 shares of the semiconductor maker’s stock valued at $440,996,000 after purchasing an additional 203,221 shares during the period. Finally, Lazard Asset Management LLC boosted its position in Micron Technology by 603.0% in the first quarter. Lazard Asset Management LLC now owns 190,560 shares of the semiconductor maker’s stock valued at $14,842,000 after buying an additional 163,453 shares during the last quarter. 79.66% of the shares are currently owned by hedge funds and other institutional investors.

About Micron Technology

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Micron Technology, Inc designs, develops, manufactures and markets memory and storage products worldwide. The company operates in four segments: Computing and Networking Business Unit, Mobile Business Unit, Embedded Business Unit and Storage Business Unit. It provides memory and storage technologies including DRAM products, which are low-latency dynamic random access memory semiconductor devices that provide high-speed data retrieval; NAND products, which are non-volatile and rewritable semiconductor storage devices; and NOR memory products, which are non-volatile rewritable solid-state memories that provide fast read speeds under the Micron and Crucial brands as well as private label brands.

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Earnings History and Forecasts for Micron Technology (NASDAQ:MU)

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