Micron Technology, Inc. (MU) Short Interest Down 3.5% in October

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

Shares of Micron Technology (NASDAQ MU) opened at $45.80 on Wednesday. Micron Technology has a twelve month low of $17.66 and a twelve month high of $46.00. The firm has a market capitalization of $52,820.00, a price-to-earnings ratio of 10.09, a P/E/G ratio of 0.60 and a beta of 1.78. The company has a current ratio of 2.34, a quick ratio of 1.75 and a debt-to-equity ratio of 0.51.

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

MU has been the subject of several research reports. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Micron Technology in a research report on Tuesday, August 29th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $50.00 price target (up previously from $40.00) on shares of Micron Technology in a research report on Wednesday, September 27th. Citigroup Inc. set a $45.00 price target on shares of Micron Technology and gave the company a “buy” rating in a research report on Tuesday, August 29th. KeyCorp reaffirmed a “hold” rating on shares of Micron Technology in a research report on Friday, October 27th. Finally, Nomura upped their price target on shares of Micron Technology from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, September 29th. 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’s stock. The company has a consensus rating of “Buy” and a consensus target price of $46.96.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $32.64, for a total value of $97,920.00. Following the completion of the transaction, the director now owns 117,284 shares of the company’s stock, valued at approximately $3,828,149.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott J. Deboer sold 30,000 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $42.00, for a total value of $1,260,000.00. Following the completion of the transaction, the executive vice president now directly owns 122,667 shares of the company’s stock, valued at approximately $5,152,014. The disclosure for this sale can be found here. In the last quarter, insiders sold 308,415 shares of company stock worth $11,836,825. 0.69% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Wetherby Asset Management Inc. increased its stake in Micron Technology by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 15,330 shares of the semiconductor manufacturer’s stock worth $457,000 after purchasing an additional 154 shares during the period. Honkamp Krueger Financial Services Inc. increased its stake in Micron Technology by 0.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 52,116 shares of the semiconductor manufacturer’s stock worth $1,556,000 after purchasing an additional 221 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Micron Technology by 0.5% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 77,260 shares of the semiconductor manufacturer’s stock worth $2,307,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC increased its stake in Micron Technology by 4.7% in the second quarter. Parallel Advisors LLC now owns 8,266 shares of the semiconductor manufacturer’s stock worth $232,000 after purchasing an additional 369 shares during the period. Finally, Advisor Partners LLC increased its stake in Micron Technology by 1.5% in the second quarter. Advisor Partners LLC now owns 24,638 shares of the semiconductor manufacturer’s stock worth $736,000 after purchasing an additional 372 shares during the period. Institutional investors own 75.45% of the company’s stock.

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