Micron Technology Inc. (MU) Sees Large Decline in Short Interest
Micron Technology Inc. (NASDAQ:MU) was the target of a significant decline in short interest in September. As of September 30th, there was short interest totalling 70,450,184 shares, a decline of 8.7% from the September 15th total of 77,137,452 shares. Approximately 6.8% of the company’s shares are sold short. Based on an average trading volume of 27,098,908 shares, the short-interest ratio is presently 2.6 days.
Shares of Micron Technology (NASDAQ:MU) opened at 16.85 on Friday. Micron Technology has a 1-year low of $9.31 and a 1-year high of $19.22. The stock’s market cap is $17.47 billion. The firm has a 50-day moving average price of $17.19 and a 200-day moving average price of $13.49.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.12. The firm had revenue of $3.22 billion for the quarter. Micron Technology had a positive return on equity of 0.50% and a negative net margin of 2.23%. The business’s revenue was down 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 earnings per share. Equities analysts forecast that Micron Technology will post $1.12 EPS for the current year.
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In related news, VP Scott J. Deboer sold 31,500 shares of Micron Technology stock in a transaction on Monday, August 29th. The shares were sold at an average price of $17.05, for a total value of $537,075.00. Following the sale, the vice president now owns 207,265 shares in the company, valued at $3,533,868.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Brian Shirley sold 90,014 shares of Micron Technology stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $17.84, for a total transaction of $1,605,849.76. Following the completion of the sale, the vice president now owns 397,264 shares in the company, valued at approximately $7,087,189.76. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Credit Capital Investments LLC raised its stake in shares of Micron Technology by 1,102.1% in the second quarter. Credit Capital Investments LLC now owns 10,526,400 shares of the semiconductor manufacturer’s stock worth $10,526,000 after buying an additional 9,650,700 shares in the last quarter. Standard Life Investments LTD purchased a new stake in shares of Micron Technology during the second quarter worth about $89,591,000. CI Investments Inc. purchased a new stake in shares of Micron Technology during the second quarter worth about $86,285,000. Primecap Management Co. CA raised its stake in shares of Micron Technology by 11.6% in the first quarter. Primecap Management Co. CA now owns 57,143,016 shares of the semiconductor manufacturer’s stock worth $598,287,000 after buying an additional 5,961,872 shares in the last quarter. Finally, Natixis raised its stake in shares of Micron Technology by 90.7% in the first quarter. Natixis now owns 6,019,111 shares of the semiconductor manufacturer’s stock worth $63,020,000 after buying an additional 2,862,897 shares in the last quarter. 81.42% of the stock is currently owned by hedge funds and other institutional investors.
MU has been the topic of several recent analyst reports. Cleveland Research upgraded shares of Micron Technology from a “neutral” rating to a “buy” rating in a report on Friday, September 16th. Nomura lifted their price target on shares of Micron Technology from $16.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 25th. Mizuho reiterated a “buy” rating and issued a $20.00 price target on shares of Micron Technology in a report on Friday, September 23rd. Deutsche Bank AG reiterated a “buy” rating and issued a $20.00 price target on shares of Micron Technology in a report on Wednesday, October 5th. Finally, Pacific Crest restated an “equal weight” rating on shares of Micron Technology in a report on Monday, September 12th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $18.42.
About Micron Technology
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