Micron Technology Target of Unusually High Options Trading (MU)

Micron Technology, Inc. (NASDAQ:MU) saw some unusual options trading on Thursday. Stock investors bought 25,027 put options on the company. This is an increase of 117% compared to the typical volume of 11,516 put options.

MU has been the subject of several research analyst reports. Instinet lifted their price target on Micron Technology to $40.00 in a research note on Friday, March 24th. TheStreet raised Micron Technology from a “c” rating to a “b-” rating in a research note on Thursday, March 23rd. Mizuho lifted their price target on Micron Technology from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, February 3rd. Vetr raised Micron Technology from a “hold” rating to a “buy” rating and set a $25.93 price target for the company in a research note on Thursday, February 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price target on shares of Micron Technology in a research note on Thursday, February 2nd. Three equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $31.18.

Micron Technology (NASDAQ:MU) opened at 27.82 on Friday. Micron Technology has a 12-month low of $10.82 and a 12-month high of $29.87. The company has a market capitalization of $30.78 billion, a PE ratio of 43.33 and a beta of 1.93. The stock’s 50 day moving average price is $27.90 and its 200 day moving average price is $23.78.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.06. Micron Technology had a negative net margin of 2.32% and a positive return on equity of 0.81%. The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.65 billion. During the same period in the prior year, the firm posted $0.01 EPS. The company’s quarterly revenue was up 58.4% compared to the same quarter last year. On average, equities analysts anticipate that Micron Technology will post $4.28 EPS for the current fiscal year.

In other news, VP April S. Arnzen sold 10,638 shares of Micron Technology stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $28.95, for a total value of $307,970.10. Following the completion of the transaction, the vice president now directly owns 57,792 shares in the company, valued at $1,673,078.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mercedes Johnson sold 27,242 shares of Micron Technology stock in a transaction on Friday, April 28th. The shares were sold at an average price of $27.66, for a total value of $753,513.72. Following the completion of the transaction, the director now owns 54,533 shares of the company’s stock, valued at $1,508,382.78. The disclosure for this sale can be found here. Insiders have sold 229,380 shares of company stock valued at $6,547,444 over the last ninety days. 0.69% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in MU. ICM Asset Management Inc. WA increased its stake in shares of Micron Technology by 25.9% in the first quarter. ICM Asset Management Inc. WA now owns 88,045 shares of the semiconductor manufacturer’s stock worth $2,545,000 after buying an additional 18,100 shares in the last quarter. Janus Capital Management LLC increased its stake in shares of Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock worth $161,085,000 after buying an additional 3,896,978 shares in the last quarter. First Financial Equity Corporation purchased a new stake in shares of Micron Technology during the first quarter worth approximately $243,000. Wynnefield Capital Inc. purchased a new stake in shares of Micron Technology during the first quarter worth approximately $13,519,000. Finally, Private Advisory Group LLC increased its stake in shares of Micron Technology by 14.6% in the first quarter. Private Advisory Group LLC now owns 12,831 shares of the semiconductor manufacturer’s stock worth $371,000 after buying an additional 1,639 shares in the last quarter. 81.43% of the stock is currently owned by institutional investors.

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