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Micron (MU) closed the most recent trading day at $101.17, moving +0.3% from the previous trading session. The stock’s performance was ahead of the S&P 500’s daily gain of 0.25%. At the same time, the Dow lost 0.28%, and the tech-heavy Nasdaq gained 0.81%.
Coming into today, shares of the chipmaker had lost 11.06% in the past month. In that same time, the Computer and Technology sector gained 5.31%, while the S&P 500 gained 5.22%.
Market participants will be closely following the financial results of Micron in its upcoming release. The company plans to announce its earnings on December 18, 2024. The company is expected to report EPS of $1.75, up 284.21% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $8.71 billion, showing an 84.33% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.66 per share and a revenue of $38.12 billion, representing changes of +566.15% and +78.35%, respectively, from the prior year.
Investors should also take note of any recent adjustments to 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 reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Micron is currently a Zacks Rank #3 (Hold).
In the context of valuation, Micron is at present trading with a Forward P/E ratio of 11.64. This signifies a discount in comparison to the average Forward P/E of 14.92 for its industry.
The Computer – Integrated Systems industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 135, placing it within the bottom 47% of over 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.
