Micron Technology (MU) Releases Earnings Results, Beats Expectations By $0.02 EPS

Micron Technology (MU) reported quarterly earnings results on Thursday, Jun-30-2016. The company said it had a profit of $-0.08 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.02. Analysts had a consensus of $-0.10. The company posted revenue of $2898.00 million in the period, compared to analysts expectations of $2955.50 million. The company’s revenue was down -24.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Micron Technology. Company shares were Upgraded by Nomura on Jun 23, 2016 to ” Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $8 .Micron Technology was Upgraded by Susquehanna to ” Positive” on Jun 23, 2016. Company shares were Reiterated by Cowen on Jun 8, 2016 to “Outperform”, Firm has raised the Price Target to $ 15 from a previous price target of $13 .

Micron Technology opened for trading at $13.3 and hit $13.418 on the upside on Wednesday, eventually ending the session at $13.19, with a gain of 1.54% or 0.2 points. The heightened volatility saw the trading volume jump to 3,68,79,795 shares. Company has a market cap of $13,679 M.

In a different news, on Jan 25, 2016, Ernest E Maddock (CFO) purchased 10,000 shares at $10.69 per share price. According to the SEC, on Jan 19, 2016, Joel L Poppen (VP Legal Affairs, Gen Counsel) sold 47,685 shares at $11.10 per share price. On Jul 20, 2015, Robert L Bailey (director) sold 4,000 shares at $20.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Micron Technology Inc. is a global provider of semiconductor devices. Through the Company’s global operations it manufactures and markets a full range of Dynamic Random Access Memory (DRAM) NAND Flash and NOR Flash memory as well as other memory technologies packaging solutions and semiconductor systems for use in leading-edge computing consumer networking automotive industrial embedded and mobile products. The Company operates in four segments: Compute and Networking Business Unit (CNBU) which includes DRAM and NOR Flash products; Mobile Business Unit (MBU) which includes DRAM NAND Flash and NOR Flash products; Storage Business Unit (SBU) which includes NAND Flash components and Solid-State Drives (SSDs) cloud and removable storage markets. SBU also includes NAND Flash products and Embedded Business Unit (EBU) which includes DRAM NAND Flash and NOR Flash products.

Micron Technology

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