Micron Technology (NASDAQ:MU) Trading Down 0.4% on Insider Selling

Micron Technology, Inc. (NASDAQ:MU) shares fell 0.4% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $113.70 and last traded at $115.92. 7,276,572 shares were traded during trading, a decline of 64% from the average session volume of 20,119,439 shares. The stock had previously closed at $116.33.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total value of $611,870.00. Following the completion of the sale, the chief executive officer now directly owns 642,251 shares of the company’s stock, valued at $56,139,159.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total transaction of $611,870.00. Following the completion of the sale, the chief executive officer now owns 642,251 shares in the company, valued at $56,139,159.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was 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 of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 313,890 shares of company stock valued at $33,617,027. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Piper Sandler increased their price objective on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird increased their price objective on Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Wedbush increased their price objective on Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Trading Down 0.7 %

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 business has a 50 day moving average of $101.98 and a 200 day moving average of $86.22. The firm has a market cap of $127.87 billion, a price-to-earnings ratio of -33.60 and a beta of 1.27.

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

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Breakwater Capital Group acquired a new stake in shares of Micron Technology during the 1st quarter valued at approximately $230,000. Optas LLC grew its stake in Micron Technology by 6.9% during the 1st quarter. Optas LLC now owns 5,402 shares of the semiconductor manufacturer’s stock worth $637,000 after buying an additional 350 shares during the last quarter. AMI Investment Management Inc. grew its stake in Micron Technology by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 50,393 shares of the semiconductor manufacturer’s stock worth $5,942,000 after buying an additional 586 shares during the last quarter. Cornerstone Wealth Group LLC bought a new position in Micron Technology during the 1st quarter worth $218,000. Finally, New Mexico Educational Retirement Board grew its stake in Micron Technology by 14.2% during the 1st quarter. New Mexico Educational Retirement Board now owns 65,075 shares of the semiconductor manufacturer’s stock worth $7,672,000 after buying an additional 8,100 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.