Micron Technology (NASDAQ:MU) Shares Down 1% on Insider Selling

Micron Technology, Inc. (NASDAQ:MU)’s share price was down 1% on Tuesday following insider selling activity. The company traded as low as $129.59 and last traded at $130.25. Approximately 7,794,262 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 20,668,656 shares. The stock had previously closed at $131.52.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $86,789,214.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now directly owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $86,789,214.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 257,730 shares of company stock worth $31,921,649. 0.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MU has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Bank of America upped their price target on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. Robert W. Baird lifted their price objective on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a report on Monday, June 24th. The Goldman Sachs Group upped their target price on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Piper Sandler lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Trading Up 3.2 %

The company has a 50-day moving average of $128.92 and a 200 day moving average of $107.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The company has a market cap of $151.71 billion, a PE ratio of -94.47 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.57) earnings per share. Analysts predict that Micron Technology, Inc. will post 0.53 earnings per share 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 paid a $0.115 dividend. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.34%. Micron Technology’s payout ratio is -32.39%.

Institutional Trading of Micron Technology

A number of large investors have recently made changes to their positions in MU. Norges Bank purchased a new position in Micron Technology during the 4th quarter valued at about $769,372,000. Wellington Management Group LLP raised its stake in Micron Technology by 43.4% in the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after buying an additional 5,257,201 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the period. Morgan Stanley boosted its position in Micron Technology by 19.7% during the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after acquiring an additional 2,852,688 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after acquiring an additional 2,523,267 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

About Micron Technology

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.