Micron Technology Inc. (MU) Short Interest Up 2.4% in August
Micron Technology Inc. (NASDAQ:MU) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 74,116,981 shares, a growth of 2.4% from the August 15th total of 72,393,353 shares. Approximately 7.2% of the shares of the stock are short sold. Based on an average trading volume of 25,648,573 shares, the days-to-cover ratio is presently 2.9 days.
A number of brokerages recently commented on MU. Cleveland Research upgraded Micron Technology from a “neutral” rating to a “buy” rating in a research report on Friday, September 16th. Nomura lifted their price objective on Micron Technology from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 25th. Pacific Crest reiterated an “equal weight” rating on shares of Micron Technology in a research report on Monday, September 12th. Deutsche Bank AG reiterated a “buy” rating and issued a $20.00 price objective on shares of Micron Technology in a research report on Friday, September 16th. Finally, Vetr lowered Micron Technology from a “strong-buy” rating to a “buy” rating and set a $18.10 price objective for the company. in a research report on Wednesday, August 31st. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $17.63.
Micron Technology (NASDAQ:MU) opened at 16.92 on Wednesday. Micron Technology has a one year low of $9.31 and a one year high of $19.30. The company has a market cap of $17.57 billion, a price-to-earnings ratio of 48.62 and a beta of 1.81. The firm has a 50-day moving average price of $15.96 and a 200 day moving average price of $12.74.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The firm earned $2.90 billion during the quarter. During the same period last year, the firm earned $0.54 EPS. The company’s revenue for the quarter was down 24.8% on a year-over-year basis. Equities analysts expect that Micron Technology will post ($0.02) earnings per share for the current fiscal year.
In other news, VP Scott J. Deboer sold 31,500 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $17.05, for a total value of $537,075.00. Following the completion of the sale, the vice president now directly owns 207,265 shares in the company, valued at $3,533,868.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Brian Shirley sold 48,750 shares of the firm’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $12.37, for a total value of $603,037.50. Following the completion of the sale, the vice president now owns 381,264 shares of the company’s stock, valued at $4,716,235.68. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its stake in Micron Technology by 79.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,114 shares of the semiconductor manufacturer’s stock worth $111,000 after buying an additional 3,595 shares during the period. Evercore Wealth Management LLC raised its stake in Micron Technology by 0.7% in the second quarter. Evercore Wealth Management LLC now owns 10,016 shares of the semiconductor manufacturer’s stock worth $138,000 after buying an additional 67 shares during the period. Commerce Bank bought a new stake in Micron Technology during the second quarter worth $147,000. Levin Capital Strategies L.P. bought a new stake in Micron Technology during the second quarter worth $165,000. Finally, King Luther Capital Management Corp bought a new stake in Micron Technology during the second quarter worth $172,000. 82.25% of the stock is owned by institutional investors.
Micron Technology Company Profile
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