Micron Technology, Inc. (MU) Short Interest Up 9.0% in December

Micron Technology, Inc. (NASDAQ:MU) was the recipient of a significant growth in short interest in December. As of December 31st, there was short interest totalling 54,333,105 shares, a growth of 9.0% from the December 14th total of 49,833,674 shares. Based on an average daily volume of 45,966,273 shares, the short-interest ratio is currently 1.2 days. Approximately 5.1% of the company’s stock are short sold.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. First American Trust FSB raised its stake in Micron Technology by 69.2% during the 4th quarter. First American Trust FSB now owns 72,714 shares of the semiconductor manufacturer’s stock valued at $2,308,000 after purchasing an additional 29,751 shares during the last quarter. Kessler Investment Group LLC raised its stake in Micron Technology by 6.0% during the 4th quarter. Kessler Investment Group LLC now owns 22,259 shares of the semiconductor manufacturer’s stock valued at $706,000 after purchasing an additional 1,265 shares during the last quarter. Moody National Bank Trust Division raised its stake in Micron Technology by 0.8% during the 4th quarter. Moody National Bank Trust Division now owns 103,631 shares of the semiconductor manufacturer’s stock valued at $3,288,000 after purchasing an additional 791 shares during the last quarter. Csenge Advisory Group acquired a new position in Micron Technology during the 3rd quarter valued at $41,000. Finally, Palo Capital Inc. raised its stake in Micron Technology by 1,011.3% during the 3rd quarter. Palo Capital Inc. now owns 42,675 shares of the semiconductor manufacturer’s stock valued at $1,930,000 after purchasing an additional 38,835 shares during the last quarter. 75.13% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently commented on MU. Sanford C. Bernstein raised shares of Micron Technology from a “market perform” rating to an “outperform” rating in a research report on Wednesday. BidaskClub raised shares of Micron Technology from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Micron Technology in a research report on Tuesday. BMO Capital Markets raised shares of Micron Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $32.00 to $50.00 in a research report on Monday, January 7th. They noted that the move was a valuation call. Finally, Royal Bank of Canada set a $40.00 price objective on shares of Micron Technology and gave the company a “neutral” rating in a research report on Monday, December 31st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Micron Technology has a consensus rating of “Buy” and an average target price of $59.52.

NASDAQ MU opened at $36.01 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.90 and a debt-to-equity ratio of 0.11. The firm has a market cap of $39.73 billion, a P/E ratio of 3.05, a PEG ratio of 0.70 and a beta of 1.69. Micron Technology has a 1 year low of $28.39 and a 1 year high of $64.66.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Tuesday, December 18th. The semiconductor manufacturer reported $2.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.90 by $0.07. The business had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $8.01 billion. Micron Technology had a net margin of 46.82% and a return on equity of 48.58%. During the same period in the prior year, the firm earned $2.45 EPS. On average, equities research analysts expect that Micron Technology will post 7.94 earnings per share for the current year.

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About Micron Technology

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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