Micron Technology (NASDAQ:MU) Trading Down 0.7% on Insider Selling

Micron Technology, Inc. (NASDAQ:MUGet Free Report)’s stock price was down 0.7% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $117.35 and last traded at $118.36. Approximately 7,260,953 shares changed hands during trading, a decline of 61% from the average daily volume of 18,724,857 shares. The stock had previously closed at $119.14.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $83.63, for a total transaction of $585,410.00. Following the transaction, the chief executive officer now directly owns 651,759 shares of the company’s stock, valued at approximately $54,506,605.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $83.63, for a total transaction of $585,410.00. Following the sale, the chief executive officer now directly owns 651,759 shares in the company, valued at $54,506,605.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 268,890 shares of company stock valued at $26,952,017. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

MU has been the topic of several research reports. Mizuho boosted their price target on shares of Micron Technology from $105.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Raymond James boosted their price objective on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Evercore ISI boosted their price objective on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, December 21st. TD Cowen boosted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, March 21st. Finally, The Goldman Sachs Group boosted their target price on shares of Micron Technology from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.69.

Read Our Latest Research Report on Micron Technology

Micron Technology Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The company has a market capitalization of $130.55 billion, a price-to-earnings ratio of -34.17 and a beta of 1.24. The firm’s 50-day simple moving average is $92.02 and its 200-day simple moving average is $80.91.

Micron Technology (NASDAQ:MUGet Free Report) last issued its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the business earned ($2.03) EPS. The firm’s revenue was up 57.7% on a year-over-year basis. Sell-side analysts forecast that Micron Technology, Inc. will post 0.01 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 16th. Investors of record on Monday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Tidemark LLC acquired a new position in Micron Technology during the fourth quarter worth $25,000. Pingora Partners LLC bought a new stake in Micron Technology during the fourth quarter worth $26,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology during the fourth quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Micron Technology in the third quarter valued at about $28,000. Finally, OFI Invest Asset Management bought a new position in shares of Micron Technology in the third quarter valued at about $27,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

About Micron Technology

(Get Free Report)

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

Further Reading

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