Yahoo Finance Micron (MU) Stock Sinks As Market Gains: What You Should Know
Micron (MU) closed the most recent trading day at $126.64, moving -1.19% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.15%. Elsewhere, the Dow saw an upswing of 0.36%, while the tech-heavy Nasdaq appreciated by 0.17%.
The chipmaker's shares have seen an increase of 6.69% over the last month, surpassing the Computer and Technology sector's gain of 5.13% and the S&P 500's gain of 3.2%.
The upcoming earnings release of Micron will be of great interest to investors. The company's earnings report is expected on June 26, 2024. The company is predicted to post an EPS of $0.47, indicating a 132.87% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.64 billion, up 76.86% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.85 per share and revenue of $24.62 billion, indicating changes of +119.1% and +58.42%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Micron. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 20.14% higher. As of now, Micron holds a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Micron has a Forward P/E ratio of 151.55 right now. This expresses no noticeable deviation compared to the average Forward P/E of 151.55 of its industry.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 3, finds itself in the top 2% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Micron Technology, Inc. (MU) : Free Stock Analysis Report
