Micron (MU) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research

Micron (MU) closed the most recent trading day at $81.10, moving -0.18% from the previous trading session. This move lagged the S&P 500's daily gain of 0.39%. Meanwhile, the Dow gained 0.3%, and the Nasdaq, a tech-heavy index, added 0.57%.

Coming into today, shares of the chipmaker had gained 2.71% in the past month. In that same time, the Computer and Technology sector gained 9.84%, while the S&P 500 gained 4.69%.

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 $0.71 per share, which would represent year-over-year growth of 57.78%. Our most recent consensus estimate is calling for quarterly revenue of $5.81 billion, up 21.19% from the year-ago period.

MU's full-year Zacks Consensus Estimates are calling for earnings of $3.86 per share and revenue of $24.80 billion. These results would represent year-over-year changes of +36.4% and +15.69%, respectively.

Investors should also note any recent changes to analyst estimates for MU. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 has moved 12.3% higher. MU is currently sporting a Zacks Rank of #3 (Hold).

Digging into valuation, MU currently has a Forward P/E ratio of 21.06. This represents a no noticeable deviation compared to its industry's average Forward P/E of 21.06.

Investors should also note that MU has a PEG ratio of 1.66 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Semiconductor Memory was holding an average PEG ratio of 1.66 at yesterday's closing price.

The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 119, which puts it in the top 47% 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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