Micron Technology, Inc. (MU) Sees Large Decline in Short Interest

Micron Technology, Inc. (NASDAQ:MU) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 58,589,998 shares, a decrease of 11.0% from the January 12th total of 65,837,117 shares. Approximately 5.3% of the company’s stock are sold short. Based on an average daily trading volume, of 36,210,268 shares, the days-to-cover ratio is currently 1.6 days.

Shares of Micron Technology (MU) opened at $40.41 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $47,210.00, a PE ratio of 6.36, a P/E/G ratio of 0.42 and a beta of 1.62. Micron Technology has a 52-week low of $22.64 and a 52-week high of $49.89.

Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.60. The company had revenue of $6.80 billion during the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. Micron Technology’s revenue was up 71.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 EPS. analysts predict that Micron Technology will post 10.12 earnings per share for the current fiscal year.

In related news, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $41.38, for a total value of $124,140.00. Following the transaction, the director now owns 116,699 shares in the company, valued at approximately $4,829,004.62. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP April S. Arnzen sold 27,878 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $44.27, for a total transaction of $1,234,159.06. Following the completion of the transaction, the senior vice president now owns 58,659 shares in the company, valued at approximately $2,596,833.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,470 shares of company stock worth $7,420,480. Corporate insiders own 0.53% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SevenBridge Financial Group LLC boosted its stake in shares of Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after buying an additional 1,190 shares during the period. Salem Investment Counselors Inc. boosted its stake in shares of Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after buying an additional 1,252 shares during the period. Jacobi Capital Management LLC boosted its stake in shares of Micron Technology by 368.8% in the 3rd quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock valued at $135,000 after buying an additional 2,600 shares during the period. MPS Loria Financial Planners LLC purchased a new position in shares of Micron Technology in the 2nd quarter valued at about $142,000. Finally, Krilogy Financial LLC boosted its stake in shares of Micron Technology by 1,087.5% in the 2nd quarter. Krilogy Financial LLC now owns 4,750 shares of the semiconductor manufacturer’s stock valued at $142,000 after buying an additional 4,350 shares during the period. 81.05% of the stock is owned by institutional investors.

A number of brokerages have recently commented on MU. KeyCorp upgraded Micron Technology from a “sector weight” rating to an “overweight” rating and set a $53.00 target price on the stock in a research report on Tuesday. Mizuho reiterated a “buy” rating and set a $55.00 target price (up previously from $50.00) on shares of Micron Technology in a research report on Tuesday. UBS Group lowered Micron Technology from a “buy” rating to a “hold” rating in a research report on Tuesday. Needham & Company LLC upgraded Micron Technology from a “buy” rating to a “strong-buy” rating and set a $76.00 target price on the stock in a research report on Tuesday. Finally, Morgan Stanley decreased their target price on Micron Technology from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Micron Technology presently has an average rating of “Buy” and a consensus target price of $55.80.

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About Micron Technology

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

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