Micron (MU) closed the most recent trading day at $41.90, moving -0.38% from the previous trading session. This move was narrower than the S&P 500's daily loss of 0.75%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq lost 0.57%.
Heading into today, shares of the chipmaker had lost 0.9% over the past month, lagging the Computer and Technology sector's gain of 4.99% and the S&P 500's gain of 4% in that time.
Investors will be hoping for strength from MU as it approaches its next earnings release. On that day, MU is projected to report earnings of $0.85 per share, which would represent a year-over-year decline of 73.02%. Our most recent consensus estimate is calling for quarterly revenue of $4.80 billion, down 38.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.40 per share and revenue of $23.51 billion, which would represent changes of -46.44% and -22.65%, respectively, from the prior year.
Any recent changes to analyst estimates for MU should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. MU is holding a Zacks Rank of #4 (Sell) right now.
Valuation is also important, so investors should note that MU has a Forward P/E ratio of 6.57 right now. Its industry sports an average Forward P/E of 6.57, so we one might conclude that MU is trading at a no noticeable deviation comparatively.
The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 250, putting it in the bottom 3% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MU in the coming trading sessions, be sure to utilize Zacks.com.
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