Micron Technology, Inc. (NASDAQ:MU) saw a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 50,885,845 shares, a drop of 18.6% from the February 15th total of 62,501,762 shares. Based on an average daily volume of 24,885,621 shares, the days-to-cover ratio is currently 2.0 days. Currently, 4.5% of the shares of the stock are sold short.
A number of equities analysts recently issued reports on MU shares. Bank of America restated a “buy” rating and issued a $55.00 target price (down from $85.00) on shares of Micron Technology in a report on Friday, December 7th. Mizuho decreased their target price on Micron Technology to $54.00 and set a “buy” rating on the stock in a report on Thursday, November 29th. Deutsche Bank decreased their target price on Micron Technology from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, December 19th. MKM Partners decreased their target price on Micron Technology from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, December 19th. Finally, Macquarie restated a “buy” rating on shares of Micron Technology in a report on Thursday, December 20th. Three research analysts have rated eleven have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Micron Technology has a consensus rating of “Buy” and an average target price of $59.52.
Get Micron Technology alerts: MU opened at $38.41 on Friday. The firm has a market cap of $44.00 billion, a P/E ratio of 3.25, a PEG ratio of 0.83 and a beta of 1.87. Micron Technology has a 1 year low of $28.39 and a 1 year high of $64.66. The company has a quick ratio of 2.15, a current ratio of 2.90 and a debt-to-equity ratio of 0.11.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, December 18th. The semiconductor manufacturer reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.90 by $0.07. The firm had revenue of $7.91 billion during the quarter, compared to analysts’ expectations of $8.01 billion. Micron Technology had a return on equity of 48.58% and a net margin of 46.82%. During the same quarter last year, the firm earned $2.45 earnings per share. As a group, analysts predict that Micron Technology will post 7.47 earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. James Investment Research Inc. raised its holdings in Micron Technology by 4.9% during the fourth quarter. James Investment Research Inc. now owns 394,680 shares of the semiconductor manufacturer’s stock valued at $12,524,000 after buying an additional 18,522 shares in the last quarter. Cedar Capital LLC bought a new position in Micron Technology during the third quarter valued at about $242,000. Nissay Asset Management Corp Japan ADV raised its holdings in Micron Technology by 7.6% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 165,535 shares of the semiconductor manufacturer’s stock valued at $5,252,000 after buying an additional 11,645 shares in the last quarter. Gabalex Capital Management LLC raised its holdings in Micron Technology by 200.0% during the fourth quarter. Gabalex Capital Management LLC now owns 300,000 shares of the semiconductor manufacturer’s stock valued at $9,519,000 after buying an additional 200,000 shares in the last quarter. Finally, Connable Office Inc. raised its holdings in Micron Technology by 54.3% during the fourth quarter. Connable Office Inc. now owns 60,563 shares of the semiconductor manufacturer’s stock valued at $1,922,000 after buying an additional 21,316 shares in the last quarter. 75.25% 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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