Micron Technology, Inc. (MU) Short Interest Up 16.3% in July
Micron Technology, Inc. (NASDAQ:MU) saw a large growth in short interest during the month of July. As of July 14th, there was short interest totalling 55,137,440 shares, a growth of 16.3% from the June 30th total of 47,400,533 shares. Based on an average daily trading volume, of 28,311,044 shares, the days-to-cover ratio is currently 1.9 days. Currently, 5.2% of the shares of the company are sold short.
Several equities research analysts have commented on the stock. UBS AG reaffirmed a “buy” rating and set a $32.00 price objective on shares of Micron Technology in a report on Tuesday, April 11th. Citigroup Inc. set a $45.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a report on Wednesday. Standpoint Research downgraded shares of Micron Technology from a “buy” rating to a “reduce” rating in a report on Wednesday, May 24th. Macquarie reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Micron Technology in a report on Wednesday, June 14th. Finally, BidaskClub downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. Micron Technology presently has a consensus rating of “Buy” and a consensus target price of $35.65.
In other Micron Technology news, SVP Brian Shirley sold 27,250 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $31.54, for a total transaction of $859,465.00. Following the sale, the senior vice president now directly owns 292,211 shares of the company’s stock, valued at $9,216,334.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mercedes Johnson sold 27,242 shares of the company’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $27.66, for a total transaction of $753,513.72. Following the sale, the director now directly owns 54,533 shares in the company, valued at $1,508,382.78. The disclosure for this sale can be found here. Insiders sold a total of 70,492 shares of company stock worth $2,109,749 over the last three months. 0.69% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Guardian Life Insurance Co. of America increased its position 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 valued at $116,000 after buying an additional 13 shares during the period. First Personal Financial Services boosted 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 valued at $122,000 after buying an additional 2,083 shares in the last quarter. Washington Trust Bank boosted 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 valued at $126,000 after buying an additional 63 shares in the last quarter. Coconut Grove Bank boosted 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 valued at $156,000 after buying an additional 5,050 shares in the last quarter. Finally, D. Scott Neal Inc. purchased a new stake in shares of Micron Technology during the second quarter valued at $190,000. 80.11% of the stock is currently owned by institutional investors.
Shares of Micron Technology (NASDAQ MU) opened at 29.81 on Thursday. Micron Technology has a 52 week low of $13.02 and a 52 week high of $32.96. The company has a 50-day moving average price of $31.21 and a 200-day moving average price of $27.51. The stock has a market cap of $33.09 billion, a price-to-earnings ratio of 13.09 and a beta of 1.78.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.25. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.41 billion. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. Micron Technology’s quarterly revenue was up 92.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) EPS. Equities analysts anticipate that Micron Technology will post $4.71 EPS for the current year.
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