Micron Technology, Inc. (MU) Short Interest Down 3.4% in December

Micron Technology, Inc. (NASDAQ:MU) saw a significant drop in short interest in the month of December. As of December 29th, there was short interest totalling 57,249,397 shares, a drop of 3.4% from the December 15th total of 59,290,487 shares. Approximately 5.2% of the shares of the company are sold short. Based on an average daily volume of 43,456,855 shares, the days-to-cover ratio is presently 1.3 days.

Micron Technology (MU) opened at $42.81 on Friday. The stock has a market cap of $49,500.00, a PE ratio of 6.74, a P/E/G ratio of 0.47 and a beta of 1.75. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33. Micron Technology has a 52-week low of $21.49 and a 52-week high of $49.89.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.60. The business had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The firm’s quarterly revenue was up 71.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. analysts forecast that Micron Technology will post 9.78 earnings per share for the current year.

A number of equities analysts recently issued reports on MU shares. Evercore ISI boosted their target price on shares of Micron Technology from $40.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, September 18th. Susquehanna Bancshares boosted their target price on shares of Micron Technology from $40.00 to $50.00 and gave the stock a “positive” rating in a research report on Tuesday, September 19th. Vetr lowered shares of Micron Technology from a “strong-buy” rating to a “buy” rating and set a $39.15 target price on the stock. in a research report on Tuesday, September 19th. Deutsche Bank reaffirmed a “buy” rating and set a $42.00 target price (up previously from $37.00) on shares of Micron Technology in a research report on Wednesday, September 20th. Finally, MKM Partners reaffirmed a “buy” rating and set a $45.00 target price (up previously from $40.00) on shares of Micron Technology in a research report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty-six have assigned a buy rating and one has 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 $55.33.

In other news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $42.40, for a total value of $2,583,050.40. Following the transaction, the senior vice president now owns 202,486 shares of the company’s stock, valued at $8,585,406.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $42.73, for a total transaction of $128,190.00. Following the completion of the transaction, the director now directly owns 113,585 shares in the company, valued at approximately $4,853,487.05. The disclosure for this sale can be found here. In the last three months, insiders sold 188,720 shares of company stock worth $8,046,240. Insiders own 0.53% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in MU. American Century Companies Inc. lifted its position in Micron Technology by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 21,474 shares of the semiconductor manufacturer’s stock valued at $641,000 after purchasing an additional 3,047 shares during the period. Neuberger Berman Group LLC lifted its position in Micron Technology by 66.1% during the 2nd quarter. Neuberger Berman Group LLC now owns 20,605 shares of the semiconductor manufacturer’s stock valued at $615,000 after purchasing an additional 8,198 shares during the period. Eaton Vance Management lifted its position in Micron Technology by 287.8% during the 2nd quarter. Eaton Vance Management now owns 129,914 shares of the semiconductor manufacturer’s stock valued at $3,879,000 after purchasing an additional 96,414 shares during the period. Stephens Inc. AR acquired a new position in Micron Technology during the 2nd quarter valued at about $220,000. Finally, Icon Advisers Inc. Co. acquired a new position in Micron Technology during the 2nd quarter valued at about $2,259,000. Institutional investors own 80.89% of the company’s stock.

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