Micron Technology, Inc. (NASDAQ:MU) Sees Large Decline in Short Interest

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

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the sale, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction 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 of the company’s stock, 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. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

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

Micron Technology Stock Up 0.3 %

Shares of Micron Technology stock traded up $0.34 during trading hours on Wednesday, reaching $102.06. 15,859,036 shares of the company were exchanged, compared to its average volume of 22,712,455. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The firm has a market cap of $113.71 billion, a PE ratio of 29.41 and a beta of 1.23. The stock’s fifty day moving average is $96.79 and its 200 day moving average is $98.16. Micron Technology has a 1 year low of $83.54 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping 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%. During the same period in the previous year, the company posted ($0.95) earnings per share. The business’s revenue for the quarter was up 84.3% on a year-over-year basis. As a group, equities research analysts forecast that Micron Technology will post 6.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on MU shares. Robert W. Baird cut their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Needham & Company LLC cut their price target on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler lowered their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. The Goldman Sachs Group cut their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Wells Fargo & Company reduced their price target on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $134.16.

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.