Yahoo Finance Micron (MU) Beats Stock Market Upswing: What Investors Need to Know
Micron (MU) closed the latest trading day at $86.85, indicating a +0.67% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.45%. Meanwhile, the Dow experienced a drop of 0.23%, and the technology-dominated Nasdaq saw an increase of 0.84%.
Coming into today, shares of the chipmaker had lost 8.84% in the past month. In that same time, the Computer and Technology sector lost 0.98%, while the S&P 500 gained 2.54%.
Investors will be eagerly watching for the performance of Micron in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on September 25, 2024. The company's earnings per share (EPS) are projected to be $1.10, reflecting a 202.8% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $7.65 billion, indicating a 90.85% growth compared to the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Micron. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Micron possesses a Zacks Rank of #2 (Buy).
In the context of valuation, Micron is at present trading with a Forward P/E ratio of 9.18. For comparison, its industry has an average Forward P/E of 9.18, which means Micron is trading at no noticeable deviation to the group.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 4, which puts it in the top 2% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Micron Technology, Inc. (MU) : Free Stock Analysis Report
