Micron (MU) closed the most recent trading day at $33.99, moving +0.5% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.16%. Meanwhile, the Dow gained 0.26%, and the Nasdaq, a tech-heavy index, added 0.29%.
Prior to today's trading, shares of the chipmaker had lost 20.89% over the past month. This has lagged the Computer and Technology sector's loss of 7.21% and the S&P 500's loss of 3.66% in that time.
MU will be looking to display strength as it nears its next earnings release, which is expected to be June 25, 2019. The company is expected to report EPS of $0.85, down 73.02% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.80 billion, down 38.41% from the year-ago period.
MU's full-year Zacks Consensus Estimates are calling for earnings of $6.40 per share and revenue of $23.51 billion. These results would represent year-over-year changes of -46.44% and -22.65%, respectively.
Any recent changes to analyst estimates for MU should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate remained stagnant within the past month. MU is currently a Zacks Rank #3 (Hold).
In terms of valuation, MU is currently trading at a Forward P/E ratio of 5.28. For comparison, its industry has an average Forward P/E of 5.28, which means MU is trading at a no noticeable deviation to the group.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 106, which puts it in the top 42% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Micron Technology, Inc. (MU): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.