Insider Selling: Micron Technology, Inc. (MU) SVP Sells 118,944 Shares of Stock
Micron Technology, Inc. (NASDAQ:MU) SVP Steven L. Thorsen, Jr. sold 118,944 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the transaction, the senior vice president now owns 289,940 shares in the company, valued at approximately $11,046,714. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Micron Technology, Inc. (MU) traded up 1.73% during trading on Monday, hitting $40.01. 54,225,409 shares of the stock were exchanged. Micron Technology, Inc. has a one year low of $16.17 and a one year high of $40.37. The company has a market cap of $44.57 billion, a price-to-earnings ratio of 18.10 and a beta of 1.82. The stock’s 50 day moving average price is $31.03 and its 200-day moving average price is $29.54.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.18. The business had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The business’s revenue for the quarter was up 90.8% on a year-over-year basis. During the same period last year, the business earned ($0.01) earnings per share. On average, analysts predict that Micron Technology, Inc. will post $7.56 EPS for the current year.
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Several large investors have recently bought and sold shares of the stock. Empire Life Investments Inc. purchased a new stake in Micron Technology in the first quarter valued at approximately $8,813,000. American Century Companies Inc. acquired a new position in Micron Technology during the first quarter worth $533,000. Envestnet Asset Management Inc. lifted its stake in Micron Technology by 69.4% during the first quarter. Envestnet Asset Management Inc. now owns 36,738 shares of the semiconductor manufacturer’s stock worth $1,062,000 after purchasing an additional 15,053 shares in the last quarter. Concert Wealth Management Inc. lifted its stake in Micron Technology by 2.7% during the first quarter. Concert Wealth Management Inc. now owns 11,196 shares of the semiconductor manufacturer’s stock worth $247,000 after purchasing an additional 299 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Micron Technology by 1.4% during the first quarter. Neuberger Berman Group LLC now owns 12,407 shares of the semiconductor manufacturer’s stock worth $359,000 after purchasing an additional 170 shares in the last quarter. 79.32% of the stock is owned by hedge funds and other institutional investors.
MU has been the subject of a number of research reports. Mizuho reiterated a “buy” rating and set a $35.00 target price on shares of Micron Technology in a research note on Friday, June 16th. Citigroup Inc. restated a “buy” rating and issued a $45.00 price target on shares of Micron Technology in a research note on Wednesday, August 2nd. BidaskClub upgraded Micron Technology from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 12th. Loop Capital reaffirmed a “buy” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Micron Technology in a report on Wednesday, September 27th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Micron Technology in a report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $43.08.
Micron Technology Company Profile
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