Micron Technology, Inc. (NASDAQ:MU) Short Interest Down 15.5% in February

by · The Markets Daily

Micron Technology, Inc. (NASDAQ:MU – Get Free Report) was the recipient of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 32,000,000 shares, a decrease of 15.5% from the February 13th total of 37,870,000 shares. Based on an average daily volume of 23,890,000 shares, the short-interest ratio is presently 1.3 days. Approximately 2.9% of the shares of the company are sold short.

Micron Technology Trading Up 0.3 %

Shares of NASDAQ:MU traded up $0.34 during trading on Wednesday, reaching $102.06. The stock had a trading volume of 15,859,036 shares, compared to its average volume of 22,712,455. Micron Technology has a fifty-two week low of $83.54 and a fifty-two week high of $157.54. The business has a fifty day moving average price of $96.79 and a 200-day moving average price of $98.16. The stock has a market cap of $113.71 billion, a P/E ratio of 29.41 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.95) earnings per share. As a group, analysts anticipate that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

MU has been the subject of several analyst reports. TD Cowen cut their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Sanford C. Bernstein cut their target price on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Barclays decreased their price target on Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, December 20th. Morgan Stanley cut their price objective on Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Finally, Rosenblatt Securities restated a “buy” rating and set a $250.00 target price on shares of Micron Technology in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $134.16.

Check Out Our Latest Stock Report on MU

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Institutional Trading of Micron Technology

Several institutional investors have recently made changes to their positions in MU. Sunbeam Capital Management LLC purchased a new stake in Micron Technology during the fourth quarter valued at about $26,000. Beacon Capital Management LLC increased its position in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares in the last quarter. True Wealth Design LLC increased its position in Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares in the last quarter. Midwest Capital Advisors LLC acquired a new position in Micron Technology during the fourth quarter valued at approximately $33,000. Finally, Stone House Investment Management LLC lifted its position in Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 277 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile

(Get Free Report)

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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