Micron Technology, Inc. (MU) Short Interest Up 4.9% in August

Micron Technology, Inc. (NASDAQ:MU) was the target of a significant growth in short interest in August. As of August 15th, there was short interest totalling 51,719,195 shares, a growth of 4.9% from the July 31st total of 49,307,059 shares. Based on an average daily trading volume, of 29,891,700 shares, the days-to-cover ratio is presently 1.7 days. Currently, 4.7% of the company’s stock are sold short.

Several brokerages recently issued reports on MU. Goldman Sachs Group set a $68.00 price objective on Micron Technology and gave the stock a “buy” rating in a research note on Wednesday, July 18th. ValuEngine cut Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Wells Fargo & Co reduced their price objective on Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Deutsche Bank raised their price objective on Micron Technology from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, May 22nd. Finally, Stifel Nicolaus set a $108.00 price objective on Micron Technology and gave the stock a “buy” rating in a research note on Thursday, July 5th. Nine analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $71.83.

MU stock opened at $52.07 on Tuesday. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $58.80 billion, a price-to-earnings ratio of 11.79, a P/E/G ratio of 0.54 and a beta of 1.61. Micron Technology has a 1 year low of $30.42 and a 1 year high of $64.66.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.13 by $0.02. The company had revenue of $7.80 billion for the quarter, compared to analysts’ expectations of $7.76 billion. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The firm’s quarterly revenue was up 40.1% compared to the same quarter last year. During the same period last year, the business posted $1.62 earnings per share. analysts predict that Micron Technology will post 11.56 EPS for the current year.

Micron Technology announced that its board has initiated a share repurchase plan on Monday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In other news, Director Robert E. Switz sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $53.34, for a total transaction of $4,000,500.00. Following the completion of the sale, the director now owns 120,257 shares of the company’s stock, valued at $6,414,508.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. Insiders have sold 140,000 shares of company stock valued at $7,604,100 in the last three months. Corporate insiders own 0.53% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MU. Clearwater Capital Advisors LLC bought a new stake in shares of Micron Technology during the first quarter valued at about $104,000. Brasada Capital Management LP raised its stake in shares of Micron Technology by 100.0% during the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after purchasing an additional 1,000 shares in the last quarter. Tradewinds Capital Management LLC raised its stake in shares of Micron Technology by 411.8% during the second quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,606 shares in the last quarter. Credit Agricole S A raised its stake in shares of Micron Technology by 199,900.0% during the second quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,999 shares in the last quarter. Finally, Avestar Capital LLC raised its stake in shares of Micron Technology by 7,994.3% during the first quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock valued at $129,000 after purchasing an additional 2,798 shares in the last quarter. Institutional investors own 74.02% of the company’s stock.

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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