Micron Technology and New York State Partner to Construct StateoftheArt Semiconductor Facility in Central New York
On April 28, 2023, a groundbreaking announcement was made by Governor Kathy Hochul, U.S. Senate Majority Leader Charles Schumer, Onondaga County Executive Ryan McMahon, and Micron CEO Sanjay Mehrotra. They revealed a public-private partnership with Micron Technology to construct a state-of-the-art semiconductor facility in Central New York. This project is set to become one of the most significant economic development initiatives in U.S. history. It will position New York State as a frontrunner in reshoring semiconductor jobs in the country. Governor Hochul, Micron President and CEO Sanjay Mehrotra will sign the Community Investment Framework, along with local partners, to endorse the project. A Community Engagement Committee will also be established to advise on the project’s design, construction, and operation. The committee will comprise local leaders, community members, Micron, and state government representatives, ensuring that the project benefits the community and the State. To further expand the semiconductor industry in New York State, Governor Hochul has proposed the establishment of the Office of Semiconductor Expansion, Management, and Integration. This proposal is part of the State of the State proposals, outlining the Governor’s agenda in 2023. The Office of Semiconductor Expansion, Management, and Integration will work to attract businesses and jobs to New York State, driving economic growth and creating employment opportunities. 5d 3m 6m 1y 2y 5y 10y Stock Market Update: Micron Technology Inc. (M.U.) Sees Modest Increase in Stock Price on April 28, 2023 On April 28, 2023, Micron Technology Inc. (M.U.) opened at $62.47, slightly higher than its previous close of $61.88. The day’s range for M.U. was between $62.31 and $63.46, with a volume of 471,020 shares traded. M.U. has a market cap of $66.9B and is part of the Electronic Technology sector, specifically the Semiconductors industry. Its earnings growth last year was a positive 49.28%, but it has decreased by 154.31% this year. The projected earnings growth for the next five years is -18.86%. However, its revenue growth last year was a positive 11.02%. The P/E ratio for M.U. is 45.0, which is higher than the industry average of 39.4. Its price/sales ratio is 2.09 and its price/book ratio is 1.37. These ratios suggest that M.U. may be overvalued compared to its industry peers. Compared to other companies in the same industry, LRCX (Lam Research Corp) had a slight increase of 0.21% while ADI (Analog Devices Inc) had a more significant increase of 1.21%. NXP Semiconductors N.V. (NXPI) also had a positive change of 0.92%. M.U. is set to report its subsequent earnings on June 29, 2023, with an EPS forecast of -$1.54 for this quarter. Its annual revenue last year was $30.8B, with a yearly profit of $8.7B and a net profit margin of 28.24%. Overall, MU had a modest increase in its stock price on April 28, 2023, but its lower-than-average volume suggests that investors may not be as interested in the stock as they have been in the past. Its projected earnings growth for the next five years is also a concern, but its positive revenue growth last year may provide some hope for the company’s future. Micron Technology Inc (M.U.) Stock Upward Trajectory Amid Ongoing Digital Transformation Micron Technology Inc (M.U.) is a leading semiconductor manufacturer delivering strong financial performance in recent years. The company’s stock has been on an upward trajectory since the start of 2023, with investors bullish on the prospects of the semiconductor industry amid the ongoing digital transformation. On April 28, 2023, the stock closed at $63.45, with a median target price of $70.00 and a high estimate of $100.00, according to data from CNN Money. This implies that the stock has the potential to increase by 10.32% in the next 12 months, based on the median estimate. The bullish sentiment towards Micron Technology Inc is reflected in the consensus rating of 37 polled investment analysts, who have all recommended buying the stock. This rating has remained unchanged since April, indicating investors remain optimistic about the company’s prospects. Micron Technology Inc is set to announce its earnings for the current quarter on June 29, 2023. The company is expected to report earnings per share of -$1.54 and sales of $3.7 billion, according to CNN Money. These figures reflect the ongoing challenges facing the semiconductor industry, including supply chain disruptions and the impact of the pandemic. Despite these challenges, Micron Technology Inc has continued to invest in research and development to stay ahead of the competition. The company’s focus on innovation and its strong market position has helped it […]
