After the first quarter financial results released, stock price declined 3.42% to $14.11 on Wednesday. The news was a bit mixed, but investors today are very bearish on the stock, based on the fact that the company missed the Street’s expectations for revenue. The downturn in the PC market took its toll on the memory chip maker’s earnings as the company reported lukewarm earnings while it provided weaker than expected outlook for the coming quarter.
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Micron’s FQ2 guidance was significantly disappointing, with the mid-point of the operating income range being projected at a loss of $20MM.
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The board authorized a regular quarterly cash dividend of $0.40625 per depositary share on the 6.50 percent Non-Cumulative Preferred Stock, Series Y. The dividend is payable on January 27, 2016 to shareholders of record as of January 1, 2016. Garg further noted that NAND margins would also be helped when the company ramps 3D NAND in the back half of next year.
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Betsy Van Hees, an analyst with Wedbush Securities said “We have a ideal storm going on here”.
Micron has forecast sale for its fiscal second quarter of between $2.9 billion and $3.2 billion with a loss of between 5 cents and 12 cents per share.
While visibility continues to be low and demand seasonally soft, memory pricing do not seem to have bottomed out.
Another area Micron is lagging the technology is 3D NAND, says Sundarararjan.
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Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho. The sell-side firm maintains its Buy rating on Micron stock while it has cut its 12-month price target from $26 to $22. The EPS estimates for FY16 and FY17 have been reduced from $1.00 to $0.60 and from $1.80 to $1.50, respectively. Summit Research’s Srini Sundarajan: “Considering that DRAM capex will be materially down (as mentioned in Lam Research conference call, thanks to Samsung’s pruning of DRAM capex; in fact, Micron suggested 25% down DRAM capex next year) in C2016, we grudgingly leave the BUY rating unchanged”. “Also, it is not inconceivable that in addition ASP challenges, the increased opex and lowered GM could indicate some kitchen-sinking of costs in FQ2, prior to the Inotera deal consummation”. The rating by Macquarie was issued on Dec 23, 2015. He added, however, that Micron’s margins are unlikely to trough until the May quarter, unless there is a meaningful acceleration in PC demand. The Companys product include NAND Flash Memory, Dynamic Random Access Memory (DRAM) and NOR Flash Memory. Sterne Agee CRT dropped their price target on shares of Micron Technology from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday. On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, The director of Micron Technology Inc, Bailey Robert L sold 4,000 shares at $20 on July 17, 2015.
