The most recent trading session ended with Micron (MU) standing at $95.45, reflecting a +0.14% shift from the previouse trading day's closing. The stock lagged the S&P 500's daily gain of 0.41%. Elsewhere, the Dow saw an upswing of 0.65%, while the tech-heavy Nasdaq depreciated by 0.18%.
Prior to today's trading, shares of the chipmaker had gained 37.49% over the past month. This has outpaced the Computer and Technology sector's gain of 15% and the S&P 500's gain of 9% in that time.
The upcoming earnings release of Micron will be of great interest to investors. The company is forecasted to report an EPS of $1.57, showcasing a 153.23% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $8.81 billion, indicating a 29.33% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.93 per share and revenue of $35.49 billion, indicating changes of +433.08% and +41.34%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Micron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 1.4% higher. Micron is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Micron is holding a Forward P/E ratio of 13.77. This represents a discount compared to its industry's average Forward P/E of 16.79.
The Computer - Integrated Systems industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 147, positioning it in the bottom 41% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming 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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