Micron Technology, Inc. (MU) Short Interest Down 2.7% in July
Micron Technology, Inc. (NASDAQ:MU) was the target of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 53,653,110 shares, a decrease of 2.7% from the July 14th total of 55,137,440 shares. Based on an average daily volume of 27,969,382 shares, the days-to-cover ratio is presently 1.9 days. Currently, 5.0% of the company’s stock are sold short.
Shares of Micron Technology (MU) opened at 28.01 on Friday. The stock has a market capitalization of $31.09 billion, a price-to-earnings ratio of 12.30 and a beta of 1.76. Micron Technology has a 52-week low of $15.08 and a 52-week high of $32.96. The stock has a 50 day moving average of $30.24 and a 200-day moving average of $27.97.
Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.41 billion. During the same period in the previous year, the company earned ($0.08) EPS. The company’s revenue for the quarter was up 92.2% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology will post $4.71 EPS for the current fiscal year.
Several research firms recently issued reports on MU. Needham & Company LLC reaffirmed a “buy” rating on shares of Micron Technology in a report on Thursday, June 8th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Micron Technology in a report on Monday, June 26th. Barclays PLC upped their price target on shares of Micron Technology from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, June 27th. Zacks Investment Research raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Tuesday, June 27th. Finally, Rosenblatt Securities reaffirmed a “buy” rating on shares of Micron Technology in a report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company. Micron Technology presently has an average rating of “Buy” and a consensus price target of $35.65.
In related news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $29.35, for a total value of $88,050.00. Following the sale, the director now directly owns 124,384 shares of the company’s stock, valued at $3,650,670.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP April S. Arnzen sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $28.22, for a total transaction of $28,220.00. Following the completion of the sale, the senior vice president now directly owns 50,542 shares in the company, valued at $1,426,295.24. The disclosure for this sale can be found here. Insiders sold 46,250 shares of company stock valued at $1,442,015 over the last 90 days. Insiders own 0.69% of the company’s stock.
Several institutional investors have recently modified their holdings of MU. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Micron Technology during the second quarter valued at about $500,000. Wynnefield Capital Inc. acquired a new position in shares of Micron Technology during the first quarter valued at about $13,519,000. Captrust Financial Advisors acquired a new position in shares of Micron Technology during the second quarter valued at about $107,000. Guardian Life Insurance Co. of America raised its position in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after buying an additional 13 shares in the last quarter. Finally, First Personal Financial Services raised its position in shares of Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock valued at $122,000 after buying an additional 2,083 shares in the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.
Micron Technology Company Profile
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