Micron Technology, Inc. (NASDAQ:MU) Short Interest Down 15.5% in February

Micron Technology, Inc. (NASDAQ:MU) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 32,000,000 shares, a decrease of 15.5% from the February 13th total of 37,870,000 shares. Currently, 2.9% of the shares of the company are short sold. Based on an average daily volume of 23,890,000 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Ratings Changes

Several research firms have issued reports on MU. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Morgan Stanley dropped their price objective on Micron Technology from $98.00 to $91.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Sanford C. Bernstein reduced their target price on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. JPMorgan Chase & Co. decreased their target price on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, UBS Group increased their price target on shares of Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $134.16.

Micron Technology Price Performance

Shares of NASDAQ MU traded up $0.86 during trading on Thursday, reaching $102.92. The company had a trading volume of 12,508,000 shares, compared to its average volume of 22,679,178. Micron Technology has a twelve month low of $83.54 and a twelve month high of $157.54. The stock has a market capitalization of $114.67 billion, a PE ratio of 29.74 and a beta of 1.23. The stock has a 50-day moving average price of $96.84 and a two-hundred day moving average price of $98.19. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.95) earnings per share. As a group, sell-side analysts predict that Micron Technology will post 6.08 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MU. Swedbank AB grew its position in shares of Micron Technology by 30.4% in the third quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after purchasing an additional 806,639 shares during the period. Mount Lucas Management LP grew its position in Micron Technology by 609.9% during the third quarter. Mount Lucas Management LP now owns 7,000 shares of the semiconductor manufacturer’s stock valued at $726,000 after acquiring an additional 6,014 shares during the period. Claro Advisors LLC grew its position in Micron Technology by 21.7% during the third quarter. Claro Advisors LLC now owns 3,436 shares of the semiconductor manufacturer’s stock valued at $356,000 after acquiring an additional 612 shares during the period. TrinityPoint Wealth LLC grew its position in Micron Technology by 3.5% during the third quarter. TrinityPoint Wealth LLC now owns 57,986 shares of the semiconductor manufacturer’s stock valued at $6,014,000 after acquiring an additional 1,959 shares during the period. Finally, Quest Partners LLC grew its position in Micron Technology by 1,485.2% during the third quarter. Quest Partners LLC now owns 8,243 shares of the semiconductor manufacturer’s stock valued at $855,000 after acquiring an additional 7,723 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.