Micron Technology (NASDAQ:MU) Trading Down 0.8% After Insider Selling

Micron Technology, Inc. (NASDAQ:MU) fell 0.8% during mid-day trading on Monday following insider selling activity. The company traded as low as $127.27 and last traded at $130.53. 10,616,290 shares traded hands during trading, a decline of 49% from the average session volume of 20,658,590 shares. The stock had previously closed at $131.53.

Specifically, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 302,730 shares of company stock worth $37,771,649. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MU. Needham & Company LLC boosted their price objective on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. TD Cowen boosted their price target on Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. The Goldman Sachs Group boosted their price target on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. StockNews.com upgraded Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Piper Sandler boosted their price target on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Trading Up 0.8 %

The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The business’s fifty day moving average is $128.51 and its 200 day moving average is $106.81.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the firm posted ($1.57) EPS. Micron Technology’s revenue was up 81.5% on a year-over-year basis. As a group, sell-side analysts expect that Micron Technology, Inc. will post 0.53 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.35%. Micron Technology’s payout ratio is -32.39%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. TCW Group Inc. grew its position in shares of Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after purchasing an additional 28,649 shares in the last quarter. Gulf International Bank UK Ltd grew its position in Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after acquiring an additional 5,958 shares in the last quarter. Savoie Capital LLC purchased a new position in Micron Technology in the third quarter worth $4,229,000. TrinityPoint Wealth LLC grew its position in Micron Technology by 33.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after acquiring an additional 8,736 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC grew its position in Micron Technology by 176.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock worth $1,349,000 after acquiring an additional 10,096 shares in the last quarter. 80.84% of the stock is currently 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.