Micron Technology (NASDAQ:MU) Stock Price Down 0.4% Following Insider Selling

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 0.4% on Thursday after an insider sold shares in the company. The company traded as low as $113.70 and last traded at $115.92. Approximately 7,276,572 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 20,119,439 shares. The stock had previously closed at $116.33.

Specifically, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $90.00, for a total value of $4,050,000.00. Following the completion of the sale, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $70,970,130. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the transaction, the chief executive officer now owns 788,557 shares in the company, valued at approximately $70,970,130. The disclosure for this sale can be found here. In the last ninety days, insiders sold 313,890 shares of company stock valued at $33,617,027. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of recent research reports. StockNews.com upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Wells Fargo & Company upped their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. KeyCorp increased their price target on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Bank of America increased their price target on shares of Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, Wedbush increased their price target on shares of Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Trading Down 4.6 %

The stock’s 50 day moving average price is $102.95 and its 200-day moving average price is $86.67. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $118.23 billion, a PE ratio of -30.95 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($2.03) earnings per share. On average, sell-side analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.43%. Micron Technology’s payout ratio is -13.33%.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of the stock. Maryland State Retirement & Pension System grew its stake in Micron Technology by 0.9% during the first quarter. Maryland State Retirement & Pension System now owns 85,810 shares of the semiconductor manufacturer’s stock valued at $10,016,000 after acquiring an additional 727 shares in the last quarter. Spinnaker Investment Group LLC purchased a new position in Micron Technology during the first quarter valued at $228,000. Accel Wealth Management purchased a new position in Micron Technology during the first quarter valued at $487,000. Legacy Wealth Asset Management LLC grew its stake in shares of Micron Technology by 14.6% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 13,348 shares of the semiconductor manufacturer’s stock worth $1,574,000 after buying an additional 1,705 shares in the last quarter. Finally, First Trust Direct Indexing L.P. grew its stake in shares of Micron Technology by 14.0% in the 1st quarter. First Trust Direct Indexing L.P. now owns 26,087 shares of the semiconductor manufacturer’s stock worth $3,075,000 after buying an additional 3,194 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile

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.