In the latest trading session, Micron (MU) closed at $34.80, marking a -1.44% move from the previous day. This change lagged the S&P 500's daily gain of 0.18%. Meanwhile, the Dow gained 0.14%, and the Nasdaq, a tech-heavy index, added 0.74%.Coming into today, shares of the chipmaker had lost 12.69% in the past month. In that same time, the Computer and Technology sector lost 7.12%, while the S&P 500 lost 6.19%.Investors will be hoping for strength from MU as it approaches its next earnings release, which is expected to be December 18, 2018. On that day, MU is projected to report earnings of $2.91 per share, which would represent year-over-year growth of 18.78%. Meanwhile, our latest consensus estimate is calling for revenue of $8.01 billion, up 17.78% from the prior-year quarter.MU's full-year Zacks Consensus Estimates are calling for earnings of $10.06 per share and revenue of $30.61 billion. These results would represent year-over-year changes of -15.82% and +0.71%, respectively.Investors might also notice recent changes to analyst estimates for MU. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.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.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 3.21% lower. MU currently has a Zacks Rank of #3 (Hold).Investors should also note MU's current valuation metrics, including its Forward P/E ratio of 3.51. For comparison, its industry has an average Forward P/E of 3.51, which means MU is trading at a no noticeable deviation to the group.It is also worth noting that MU currently has a PEG ratio of 0.55. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Semiconductor Memory industry currently had an average PEG ratio of 0.55 as of yesterday's close.The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 101, putting it in the top 39% of all 250+ industries.The Zacks Industry Rank gauges the strength of our 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.You can find more information on all of these metrics, and much more, on Zacks.com.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.