Micron Technology, Inc. (MU) Short Interest Update

Micron Technology, Inc. (NASDAQ:MU) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 52,807,052 shares, a decrease of 3.5% from the October 13th total of 54,712,417 shares. Currently, 4.8% of the company’s shares are short sold. Based on an average daily volume of 36,347,166 shares, the days-to-cover ratio is presently 1.5 days.

MU has been the topic of a number of recent research reports. J P Morgan Chase & Co reiterated a “buy” rating on shares of Micron Technology in a report on Tuesday, August 29th. Credit Suisse Group reiterated an “outperform” rating and issued a $50.00 target price (up from $40.00) on shares of Micron Technology in a report on Wednesday, September 27th. Citigroup Inc. set a $45.00 price objective on Micron Technology and gave the company a “buy” rating in a research note on Tuesday, August 29th. KeyCorp restated a “hold” rating on shares of Micron Technology in a research note on Friday, October 27th. Finally, Vetr upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $47.30 price objective on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $47.12.

In other news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $44.55, for a total transaction of $133,650.00. Following the completion of the sale, the director now owns 117,299 shares of the company’s stock, valued at approximately $5,225,670.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the sale, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at approximately $11,046,714. The disclosure for this sale can be found here. Insiders have sold a total of 308,415 shares of company stock valued at $11,836,825 in the last three months. Insiders own 0.69% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. grew its stake in shares of Micron Technology by 76.0% in the third quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock worth $115,000 after acquiring an additional 1,252 shares during the last quarter. Moors & Cabot Inc. grew its stake in shares of Micron Technology by 14.8% in the third quarter. Moors & Cabot Inc. now owns 57,811 shares of the semiconductor manufacturer’s stock worth $2,281,000 after acquiring an additional 7,446 shares during the last quarter. Belpointe Asset Management LLC purchased a new stake in shares of Micron Technology in the third quarter worth $794,000. Cetera Advisor Networks LLC purchased a new stake in shares of Micron Technology in the third quarter worth $290,000. Finally, Independent Advisor Alliance purchased a new stake in shares of Micron Technology in the third quarter worth $572,000. 75.45% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Micron Technology (MU) opened at $46.18 on Friday. The firm has a market capitalization of $53,260.00, a price-to-earnings ratio of 10.31, a P/E/G ratio of 0.62 and a beta of 1.78. Micron Technology has a 12 month low of $18.18 and a 12 month high of $46.29. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 0.51.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.84 by $0.18. The company had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The firm’s revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) earnings per share. analysts predict that Micron Technology will post 7.42 EPS for the current year.

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