Micron (MU - Free Report) closed at $40.32 in the latest trading session, marking a +0.5% move from the prior day. This change outpaced the S&P 500's 0.63% loss on the day. Elsewhere, the Dow lost 0.43%, while the tech-heavy Nasdaq lost 1.04%.
Heading into today, shares of the chipmaker had lost 9.15% over the past month, lagging the Computer and Technology sector's loss of 7.79% and the S&P 500's loss of 6.28% in that time.
Wall Street will be looking for positivity from MU as it approaches its next earnings report date. This is expected to be December 18, 2018. The company is expected to report EPS of $2.91, up 18.78% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.05 billion, up 18.35% from the year-ago period.
MU's full-year Zacks Consensus Estimates are calling for earnings of $10.32 per share and revenue of $31.06 billion. These results would represent year-over-year changes of -13.64% and +2.19%, respectively.
It is also important to note the recent changes to analyst estimates for MU. Recent revisions tend to reflect the latest near-term business trends. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 2% lower. MU is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, MU currently has a Forward P/E ratio of 3.89. For comparison, its industry has an average Forward P/E of 3.89, which means MU is trading at a no noticeable deviation to the group.
Also, we should mention that MU has a PEG ratio of 0.61. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Semiconductor Memory stocks are, on average, holding a PEG ratio of 0.61 based on yesterday's closing prices.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.