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

Micron Technology, Inc. (NASDAQ:MU) was the recipient of a large decrease in short interest during the month of September. As of September 28th, there was short interest totalling 51,865,437 shares, a decrease of 10.4% from the September 14th total of 57,874,491 shares. Approximately 4.7% of the shares of the company are short sold. Based on an average daily trading volume, of 42,070,584 shares, the short-interest ratio is presently 1.2 days.

MU has been the topic of a number of recent research reports. Rosenblatt Securities upped their price target on Micron Technology to $120.00 in a research report on Thursday, June 21st. Stifel Nicolaus increased their price objective on Micron Technology to $108.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. MKM Partners increased their price objective on Micron Technology to $77.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. JPMorgan Chase & Co. increased their price objective on Micron Technology from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. Finally, Credit Suisse Group set a $90.00 price objective on Micron Technology and gave the stock a “buy” rating in a report on Thursday, June 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $68.42.

In other news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the company’s stock in a transaction on Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the transaction, the senior vice president now owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. Brasada Capital Management LP raised its holdings in shares of Micron Technology by 100.0% in the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after acquiring an additional 1,000 shares in the last quarter. Tradewinds Capital Management LLC raised its holdings in shares of Micron Technology by 411.8% in the 2nd quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after acquiring an additional 1,606 shares in the last quarter. Credit Agricole S A raised its holdings in shares of Micron Technology by 199,900.0% in the 2nd quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $105,000 after acquiring an additional 1,999 shares in the last quarter. America First Investment Advisors LLC purchased a new stake in shares of Micron Technology in the 2nd quarter valued at about $131,000. Finally, Alethea Capital Management LLC purchased a new stake in shares of Micron Technology in the 2nd quarter valued at about $134,000. 74.05% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:MU opened at $42.47 on Friday. Micron Technology has a twelve month low of $37.52 and a twelve month high of $64.66. The stock has a market capitalization of $52.46 billion, a price-to-earnings ratio of 3.55, a price-to-earnings-growth ratio of 0.69 and a beta of 1.55. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share for the quarter, beating the consensus estimate of $3.33 by $0.20. Micron Technology had a return on equity of 54.94% and a net margin of 46.51%. The firm had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.25 billion. During the same quarter last year, the firm posted $2.02 EPS. The company’s revenue was up 37.5% compared to the same quarter last year. As a group, research analysts expect that Micron Technology will post 10.4 earnings per share for the current fiscal year.

About Micron Technology

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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