Micron Technology Sees Unusually High Options Volume (MU)
Micron Technology, Inc. (NASDAQ:MU) was the recipient of unusually large options trading on Wednesday. Stock investors bought 41,784 put options on the company. This represents an increase of 107% compared to the average daily volume of 20,197 put options.
MU has been the subject of a number of recent research reports. UBS AG restated an “average” rating and set a $36.00 price objective (up from $32.00) on shares of Micron Technology in a research note on Friday, June 30th. Mizuho restated a “buy” rating and set a $35.00 price objective on shares of Micron Technology in a research note on Tuesday, April 25th. Needham & Company LLC restated a “buy” rating on shares of Micron Technology in a research note on Thursday, June 8th. Stifel Nicolaus restated a “buy” rating and set a $47.00 price objective on shares of Micron Technology in a research note on Tuesday, June 6th. Finally, ValuEngine downgraded Micron Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average target price of $35.65.
In related news, CFO Ernest E. Maddock acquired 3,400 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $27.89 per share, for a total transaction of $94,826.00. Following the purchase, the chief financial officer now directly owns 192,385 shares in the company, valued at $5,365,617.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Scott J. Deboer sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the vice president now owns 150,232 shares of the company’s stock, valued at $4,807,424. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,250 shares of company stock valued at $2,207,515. 0.69% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale raised its stake in Micron Technology by 83.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 412,407 shares of the semiconductor manufacturer’s stock valued at $12,040,000 after buying an additional 188,133 shares during the last quarter. Janus Capital Management LLC raised its stake in Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock valued at $161,085,000 after buying an additional 3,896,978 shares during the last quarter. Eidelman Virant Capital raised its stake in Micron Technology by 22.0% in the second quarter. Eidelman Virant Capital now owns 127,400 shares of the semiconductor manufacturer’s stock valued at $3,804,000 after buying an additional 23,000 shares during the last quarter. Quantitative Systematic Strategies LLC raised its stake in Micron Technology by 0.7% in the second quarter. Quantitative Systematic Strategies LLC now owns 67,006 shares of the semiconductor manufacturer’s stock valued at $2,106,000 after buying an additional 475 shares during the last quarter. Finally, Grassi Investment Management bought a new stake in Micron Technology during the second quarter valued at about $427,000. Institutional investors and hedge funds own 80.36% of the company’s stock.
Micron Technology (NASDAQ MU) opened at 30.38 on Friday. Micron Technology has a one year low of $15.38 and a one year high of $32.96. The stock’s 50 day moving average price is $29.95 and its 200-day moving average price is $28.20. The firm has a market cap of $33.72 billion, a price-to-earnings ratio of 13.34 and a beta of 1.76.
Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Micron Technology’s revenue was up 92.2% on a year-over-year basis. Analysts forecast that Micron Technology will post $4.71 earnings per share for the current year.
TRADEMARK VIOLATION WARNING: This report was first published by American Banking News and is owned by of American Banking News. If you are reading this report on another website, it was illegally stolen and reposted in violation of United States and international trademark and copyright laws. The legal version of this report can be read at https://www.americanbankingnews.com/2017/08/19/micron-technology-sees-unusually-high-options-volume-mu.html.
About Micron Technology
Receive News & Ratings for Micron Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.