Micron Technology, Inc. (MU) Short Interest Down 4.5% in October

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Micron Technology, Inc. (NASDAQ:MU) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 54,916,454 shares, a drop of 4.5% from the October 15th total of 57,500,521 shares. Currently, 5.0% of the company’s stock are short sold. Based on an average daily volume of 37,249,698 shares, the short-interest ratio is presently 1.5 days.

A number of analysts have recently issued reports on MU shares. Goldman Sachs Group set a $68.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a report on Wednesday, July 18th. BidaskClub cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Wells Fargo & Co decreased their target price on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Finally, Deutsche Bank reissued a “buy” rating and issued a $80.00 target price on shares of Micron Technology in a research note on Thursday, September 6th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average price target of $66.92.

MU stock opened at $39.11 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.79 and a quick ratio of 2.16. Micron Technology has a one year low of $33.82 and a one year high of $64.66. The firm has a market cap of $45.87 billion, a price-to-earnings ratio of 3.42, a P/E/G ratio of 0.63 and a beta of 1.69.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, topping the Zacks’ consensus estimate of $3.33 by $0.20. Micron Technology had a net margin of 46.51% and a return on equity of 51.68%. The firm had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.25 billion. During the same period in the previous year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 37.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Micron Technology will post 10.19 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in MU. Dimensional Fund Advisors LP lifted its holdings in shares of Micron Technology by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,543,491 shares of the semiconductor manufacturer’s stock worth $710,326,000 after buying an additional 40,694 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Micron Technology by 15.8% during the third quarter. Janus Henderson Group PLC now owns 9,500,254 shares of the semiconductor manufacturer’s stock worth $429,725,000 after buying an additional 1,294,408 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Micron Technology by 4.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 5,113,462 shares of the semiconductor manufacturer’s stock worth $268,150,000 after buying an additional 238,829 shares in the last quarter. Parnassus Investments CA lifted its holdings in shares of Micron Technology by 40.0% during the second quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock worth $256,956,000 after buying an additional 1,400,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Micron Technology by 3.0% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,311,584 shares of the semiconductor manufacturer’s stock worth $195,013,000 after buying an additional 125,926 shares in the last quarter. 75.53% of the stock is owned by hedge funds and other institutional investors.

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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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