Analysts have a consensus target price of $15.57 in the 12-month period. The price objective is 48.71% higher than the recent closing price of $10.47. The 52-week price range is $9.31-$29.78 and the company has a market capitalization of $10.86 billion. Analysts covering the shares maintain a consensus Strong Buy rating, according to Zacks Investment Research. One analyst has rated the stock with a sell rating, 6 has assigned a hold rating, 2 says it’s a buy, and 11 have assigned a strong buy rating to the company.
Micron Technology, Inc. (MU) on March 30, 2016 announced results of operations for its second quarter of fiscal 2016, which ended March 3, 2016. Revenues for the second quarter of fiscal 2016 were $2.93 billion and were 12 percent lower compared to the first quarter of fiscal 2016 and 30 percent lower compared to the second quarter of fiscal 2015. Cash flows from operations were $763 million for the second quarter of fiscal 2016.
GAAP Income and Per Share Data – On a GAAP basis, net loss attributable to Micron shareholders for the second quarter of fiscal 2016 was $97 million, or ($0.09) per diluted share, compared to net income of $206 million, or $0.19 per diluted share, for the first quarter of fiscal 2016.
Non-GAAP Income and Per Share Data – On a non-GAAP basis, net loss attributable to Micron shareholders for the second quarter of fiscal 2016 was $48 million, or ($0.05) per diluted share, compared to net income of $249 million, or $0.24 per diluted share, for the first quarter of fiscal 2016. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
“Although we continue to navigate challenging market conditions, we are on track with deploying our advanced DRAM and NAND technologies and improving our cost structure,” said Micron CEO Mark Durcan. “As a result, we expect to significantly improve our competitive position as we move through the second half of 2016 and beyond.”
Micron Technology, Inc. provides semiconductor systems worldwide. It operates in four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. The company offers DDR4 and DDR3 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for mobile phones, tablets, embedded, computers, and other mobile consumer device applications; DDR2 DRAM, DDR DRAM, GDDR5 DRAM, SDRAM, reduced latency DRAM, and pseudo-static DRAM products for use in networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and HMC semiconductor memory devices for use in networking and computing applications.
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