Micron Technology, Inc. (MU) Sees Significant Growth in Short Interest

Micron Technology, Inc. (NASDAQ:MU) was the recipient of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 65,486,073 shares, a growth of 13.3% from the April 30th total of 57,799,429 shares. Approximately 5.9% of the company’s shares are short sold. Based on an average daily trading volume, of 32,922,047 shares, the days-to-cover ratio is presently 2.0 days.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Patrick J. Byrne sold 14,360 shares of the business’s stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total value of $665,011.60. Following the completion of the transaction, the director now directly owns 100,299 shares in the company, valued at $4,644,846.69. The disclosure for this sale can be found here. Insiders have sold a total of 56,587 shares of company stock worth $2,871,752 over the last ninety days. Company insiders own 0.53% of the company’s stock.

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Several hedge funds have recently added to or reduced their stakes in MU. Clearwater Capital Advisors LLC bought a new position in shares of Micron Technology in the first quarter valued at approximately $104,000. Avestar Capital LLC grew its holdings in shares of Micron Technology by 7,994.3% in the first quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock valued at $129,000 after acquiring an additional 2,798 shares in the last quarter. SevenBridge Financial Group LLC grew its holdings in shares of Micron Technology by 71.6% in the fourth quarter. SevenBridge Financial Group LLC now owns 4,375 shares of the semiconductor manufacturer’s stock valued at $180,000 after acquiring an additional 1,825 shares in the last quarter. Lee Financial Co bought a new position in shares of Micron Technology in the first quarter valued at approximately $188,000. Finally, Pictet & Cie Europe SA bought a new position in shares of Micron Technology in the first quarter valued at approximately $201,000. 78.52% of the stock is owned by institutional investors.

Shares of MU opened at $61.35 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.58 and a quick ratio of 2.06. The company has a market cap of $69.55 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 0.54 and a beta of 1.36. Micron Technology has a 52 week low of $26.85 and a 52 week high of $63.42.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.27. The company had revenue of $7.35 billion during the quarter, compared to analyst estimates of $7.28 billion. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. Micron Technology’s quarterly revenue was up 58.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 earnings per share. analysts expect that Micron Technology will post 11.21 EPS for the current year.

Micron Technology declared that its board has initiated a stock repurchase plan on Monday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 16.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

A number of brokerages have recently issued reports on MU. BMO Capital Markets boosted their price objective on Micron Technology from $43.00 to $63.00 and gave the company a “market perform” rating in a research note on Wednesday, March 21st. Vetr raised Micron Technology from a “hold” rating to a “buy” rating and set a $61.52 price objective on the stock in a research note on Monday, March 19th. Credit Suisse Group boosted their price objective on Micron Technology from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, March 20th. Zacks Investment Research raised Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Thursday. Finally, BidaskClub raised Micron Technology from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $66.86.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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