Micron Technology Target of Unusually High Options Trading (MU)
Micron Technology, Inc. (NASDAQ:MU) was the target of some unusual options trading on Thursday. Stock traders bought 18,288 call options on the company. This represents an increase of approximately 131% compared to the average volume of 7,904 call options.
Shares of Micron Technology (NASDAQ:MU) traded up 2.07% during midday trading on Thursday, hitting $29.59. The stock had a trading volume of 12,059,131 shares. Micron Technology has a 52 week low of $11.50 and a 52 week high of $29.87. The stock has a market cap of $32.74 billion, a PE ratio of 46.09 and a beta of 1.93. The stock has a 50-day moving average of $27.88 and a 200 day moving average of $24.09.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.65 billion. Micron Technology had a negative net margin of 2.32% and a positive return on equity of 0.81%. Micron Technology’s revenue for the quarter was up 58.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.01 earnings per share. Analysts anticipate that Micron Technology will post $4.28 EPS for the current fiscal year.
In other news, VP Brian Shirley sold 88,000 shares of the stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $28.67, for a total value of $2,522,960.00. Following the transaction, the vice president now owns 376,292 shares in the company, valued at approximately $10,788,291.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mercedes Johnson sold 27,242 shares of the stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $27.66, for a total value of $753,513.72. Following the completion of the transaction, the director now owns 54,533 shares in the company, valued at approximately $1,508,382.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 229,380 shares of company stock worth $6,547,444. Company insiders own 0.69% of the company’s stock.
Several hedge funds have recently modified their holdings of MU. Wynnefield Capital Inc. bought a new stake in shares of Micron Technology during the first quarter worth $13,519,000. Guardian Life Insurance Co. of America raised its stake in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after buying an additional 13 shares in the last quarter. First Personal Financial Services raised its stake in shares of Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock worth $122,000 after buying an additional 2,083 shares in the last quarter. Washington Trust Bank raised its stake in shares of Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock worth $126,000 after buying an additional 63 shares in the last quarter. Finally, Coconut Grove Bank raised its stake in shares of Micron Technology by 1,422.5% in the first quarter. Coconut Grove Bank now owns 5,405 shares of the semiconductor manufacturer’s stock worth $156,000 after buying an additional 5,050 shares in the last quarter. 81.43% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on the company. Standpoint Research downgraded Micron Technology from a “buy” rating to a “reduce” rating in a research note on Wednesday. Barclays PLC raised their price target on Micron Technology from $26.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, March 24th. TheStreet upgraded Micron Technology from a “c” rating to a “b-” rating in a research note on Thursday, March 23rd. Goldman Sachs Group Inc raised their price target on Micron Technology from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 24th. Finally, Pacific Crest restated a “fair value” rating and set a $32.00 price target on shares of Micron Technology in a research note on Friday, March 24th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. Micron Technology presently has a consensus rating of “Buy” and a consensus target price of $31.18.
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Micron Technology Company Profile
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