Short Interest in Micron Technology, Inc. (NASDAQ:MU) Drops By 15.5%

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

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares in the company, valued at $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 currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MU. Sunbeam Capital Management LLC purchased a new position in Micron Technology in the fourth quarter worth approximately $26,000. Beacon Capital Management LLC lifted its position in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares during the last quarter. True Wealth Design LLC lifted its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares during the last quarter. Midwest Capital Advisors LLC acquired a new position in shares of Micron Technology during the fourth quarter worth $33,000. Finally, Stone House Investment Management LLC increased its holdings in Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of analyst reports. Sanford C. Bernstein dropped their target price on Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Stifel Nicolaus dropped their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Mizuho cut their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. TD Cowen decreased their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Finally, Wedbush reissued an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a report on Monday. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $134.16.

Micron Technology Stock Up 0.8 %

Micron Technology stock traded up $0.86 during mid-day trading on Thursday, reaching $102.92. 12,508,000 shares of the company’s stock were exchanged, compared to its average volume of 22,679,178. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. Micron Technology has a twelve month low of $83.54 and a twelve month high of $157.54. The company has a market cap of $114.67 billion, a P/E ratio of 29.74 and a beta of 1.23. The company has a fifty day moving average of $96.84 and a 200-day moving average of $98.19.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same period last year, the business posted ($0.95) earnings per share. Micron Technology’s revenue was up 84.3% compared to the same quarter last year. Sell-side analysts expect that Micron Technology will post 6.08 EPS for the current year.

Micron Technology Company Profile

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.