Micron (MU - Free Report) closed the most recent trading day at $44.86, moving +0.47% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.22%. Elsewhere, the Dow lost 0.31%, while the tech-heavy Nasdaq lost 0.26%.
Heading into today, shares of the chipmaker had lost 14.56% over the past month, lagging the Computer and Technology sector's gain of 0.1% and the S&P 500's gain of 1.28% in that time.
Investors will be hoping for strength from MU as it approaches its next earnings release, which is expected to be September 20, 2018. On that day, MU is projected to report earnings of $3.30 per share, which would represent year-over-year growth of 63.37%. Meanwhile, our latest consensus estimate is calling for revenue of $8.22 billion, up 33.86% from the prior-year quarter.
It is also important to note the 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Within the past 30 days, our consensus EPS projection has moved 1.41% lower. MU is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, MU is currently trading at a Forward P/E ratio of 4. This represents a no noticeable deviation compared to its industry's average Forward P/E of 4.
Investors should also note that MU has a PEG ratio of 0.49 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Semiconductor Memory industry currently had an average PEG ratio of 0.49 as of yesterday's close.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 112, which puts it in the top 44% 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.