Micron Technology, Inc. (MU) Sees Large Increase in Short Interest
Micron Technology, Inc. (NASDAQ:MU) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 57,009,477 shares, a growth of 6.1% from the November 15th total of 53,733,091 shares. Approximately 5.2% of the shares of the company are sold short. Based on an average trading volume of 37,278,565 shares, the short-interest ratio is presently 1.5 days.
In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $39.86, for a total transaction of $119,580.00. Following the completion of the sale, the director now owns 114,284 shares of the company’s stock, valued at $4,555,360.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott J. Deboer sold 29,500 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $35.00, for a total value of $1,032,500.00. Following the completion of the transaction, the executive vice president now directly owns 169,732 shares of the company’s stock, valued at approximately $5,940,620. The disclosure for this sale can be found here. Insiders sold 298,088 shares of company stock valued at $11,512,538 in the last ninety days. 0.53% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Research Global Investors lifted its holdings in shares of Micron Technology by 386.6% during the 2nd quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock valued at $1,188,259,000 after purchasing an additional 31,616,346 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Micron Technology by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,080,297 shares of the semiconductor manufacturer’s stock worth $420,639,000 after acquiring an additional 74,670 shares during the last quarter. Janus Henderson Group PLC raised its stake in Micron Technology by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 12,125,074 shares of the semiconductor manufacturer’s stock worth $476,863,000 after acquiring an additional 274,086 shares during the last quarter. CI Investments Inc. raised its stake in Micron Technology by 0.5% in the 3rd quarter. CI Investments Inc. now owns 7,570,300 shares of the semiconductor manufacturer’s stock worth $297,740,000 after acquiring an additional 35,300 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Micron Technology by 1.7% in the 3rd quarter. Legal & General Group Plc now owns 5,642,131 shares of the semiconductor manufacturer’s stock worth $221,856,000 after acquiring an additional 94,517 shares during the last quarter. 81.16% of the stock is currently owned by institutional investors and hedge funds.
Micron Technology (NASDAQ:MU) last announced its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.18. The business had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The business’s revenue for the quarter was up 90.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) EPS. equities research analysts forecast that Micron Technology will post 7.42 earnings per share for the current fiscal year.
A number of equities research analysts recently commented on the company. Zacks Investment Research downgraded Micron Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 28th. Morgan Stanley boosted their target price on Micron Technology from $39.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, November 27th. Robert W. Baird reiterated an “outperform” rating and issued a $60.00 target price (up from $52.00) on shares of Micron Technology in a research report on Tuesday, November 28th. Vetr upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 target price on the stock in a research report on Tuesday, November 21st. Finally, Cowen restated a “buy” rating and set a $50.00 price objective on shares of Micron Technology in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $48.20.
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