Micron Technology (MU) Short Interest Update

Micron Technology (NASDAQ:MU) was the recipient of a significant drop in short interest in March. As of March 29th, there was short interest totalling 62,677,413 shares, a drop of 4.9% from the March 15th total of 65,907,863 shares. Currently, 5.7% of the company’s stock are sold short. Based on an average daily trading volume, of 70,120,727 shares, the short-interest ratio is presently 0.9 days.

Shares of Micron Technology stock opened at $52.23 on Friday. The stock has a market capitalization of $58,544.94, a P/E ratio of 11.84, a PEG ratio of 0.47 and a beta of 1.33. Micron Technology has a 1 year low of $26.36 and a 1 year high of $63.42. The company has a current ratio of 2.58, a quick ratio of 2.06 and a debt-to-equity ratio of 0.29.

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Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.27. The company had revenue of $7.35 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. Micron Technology’s revenue was up 58.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. analysts expect that Micron Technology will post 10.85 earnings per share for the current fiscal year.

In other news, SVP April S. Arnzen sold 1,222 shares of Micron Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $43.77, for a total value of $53,486.94. Following the completion of the transaction, the senior vice president now owns 57,969 shares in the company, valued at $2,537,303.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mercedes Johnson sold 25,000 shares of Micron Technology stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $50.50, for a total transaction of $1,262,500.00. The disclosure for this sale can be found here. Insiders sold 61,199 shares of company stock worth $3,028,117 over the last ninety days. Insiders own 0.53% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Micron Technology by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 12,907,706 shares of the semiconductor manufacturer’s stock worth $529,730,000 after purchasing an additional 835,541 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Micron Technology by 26.7% during the 4th quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 9,810 shares of the semiconductor manufacturer’s stock valued at $403,000 after acquiring an additional 2,070 shares during the period. Carillon Tower Advisers Inc. bought a new position in Micron Technology during the 4th quarter valued at about $36,676,000. Guggenheim Capital LLC lifted its stake in Micron Technology by 21.2% during the 4th quarter. Guggenheim Capital LLC now owns 2,279,294 shares of the semiconductor manufacturer’s stock valued at $93,725,000 after acquiring an additional 398,851 shares during the period. Finally, Fox Run Management L.L.C. lifted its stake in Micron Technology by 23.9% during the 4th quarter. Fox Run Management L.L.C. now owns 34,682 shares of the semiconductor manufacturer’s stock valued at $1,426,000 after acquiring an additional 6,682 shares during the period. Institutional investors own 82.32% of the company’s stock.

A number of research firms have recently commented on MU. JPMorgan Chase raised their price objective on shares of Micron Technology from $60.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, March 23rd. Cowen set a $53.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a research report on Wednesday, February 21st. BidaskClub lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Zacks Investment Research lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, BMO Capital Markets lifted their target price on shares of Micron Technology from $43.00 to $63.00 and gave the company a “market perform” rating in a research report on Wednesday, March 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Micron Technology presently has an average rating of “Buy” and an average price target of $63.66.

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Micron Technology Company Profile

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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