Looking into the current session, Micron Technology Inc. (NASDAQ:MU) is trading at $87.54, after a 0.26% decrease. Over the past month, the stock fell by 0.22%, but over the past year, it actually went up by 134.20%. With questionable short-term performance like this, and great long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio.

Assuming that all other factors are held constant, this could present itself as an opportunity for shareholders trying to capitalize on the higher share price. The stock is currently below from its 52 week high by 8.57%.

Most often, an industry will prevail in a particular phase of a business cycle, than other industries.

Compared to the aggregate P/E ratio of the 111.45 in the Semiconductors & Semiconductor Equipment industry, Micron Technology Inc. has a lower P/E ratio of 33.12. Shareholders might be inclined to think that the stock might perform worse than its industry peers. It's also possible that the stock is undervalued.

There are many limitations to price to earnings ratio. It is sometimes difficult to determine the nature of the earnings makeup of a company. Shareholders might not get what they're looking for, from trailing earnings.