Micron (MU) closed the most recent trading day at $77.77, moving +1.07% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.63%. Elsewhere, the Dow saw an upswing of 0.21%, while the tech-heavy Nasdaq appreciated by 1.52%.
Coming into today, shares of the chipmaker had lost 13.15% in the past month. In that same time, the Computer and Technology sector gained 1.66%, while the S&P 500 lost 0.7%.
Investors will be eagerly watching for the performance of Micron in its upcoming earnings disclosure. On that day, Micron is projected to report earnings of $1.57 per share, which would represent year-over-year growth of 153.23%. Alongside, our most recent consensus estimate is anticipating revenue of $8.81 billion, indicating a 29.35% upward movement from the same quarter last year.
MU's full-year Zacks Consensus Estimates are calling for earnings of $6.85 per share and revenue of $35.35 billion. These results would represent year-over-year changes of +426.92% and +40.78%, respectively.
Investors should also note any recent changes to analyst estimates for Micron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Currently, Micron is carrying a Zacks Rank of #3 (Hold).
Digging into valuation, Micron currently has a Forward P/E ratio of 11.24. This expresses a discount compared to the average Forward P/E of 13.02 of its industry.
The Computer - Integrated Systems industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 191, this industry ranks in the bottom 23% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Micron Technology, Inc. (MU): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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