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

Micron Technology, Inc. (NASDAQ:MU) fell 0.4% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $113.70 and last traded at $115.92. 7,276,572 shares changed hands 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 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 sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $86,789,214.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’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 completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. 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 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 sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $86,789,214.30. The disclosure for this sale can be found here. Insiders have sold 313,890 shares of company stock valued at $33,617,027 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Evercore ISI raised their target price on Micron Technology from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, December 21st. Bank of America raised their target price on Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Morgan Stanley raised their target price on Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research report on Thursday, March 21st. Robert W. Baird raised their target price on Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Finally, Citigroup restated a “buy” rating and set a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Price Performance

The stock has a market capitalization of $127.87 billion, a P/E ratio of -33.60 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $101.98 and a two-hundred day simple moving average of $86.22.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 8.98% and a negative net margin of 20.57%. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($2.03) EPS. Sell-side analysts expect that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were paid a $0.115 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Institutional Trading of Micron Technology

A number of institutional investors and hedge funds have recently modified their holdings of MU. Sei Investments Co. increased its stake in shares of Micron Technology by 12.8% in the 1st quarter. Sei Investments Co. now owns 350,644 shares of the semiconductor manufacturer’s stock valued at $27,314,000 after acquiring an additional 39,693 shares during the last quarter. Prudential PLC acquired a new position in shares of Micron Technology in the 1st quarter valued at approximately $1,672,000. Brighton Jones LLC grew its position in shares of Micron Technology by 12.3% in the 1st quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock valued at $227,000 after purchasing an additional 318 shares during the period. Baird Financial Group Inc. grew its position in shares of Micron Technology by 9.2% in the 1st quarter. Baird Financial Group Inc. now owns 200,423 shares of the semiconductor manufacturer’s stock valued at $15,611,000 after purchasing an additional 16,953 shares during the period. Finally, Zions Bancorporation N.A. grew its position in shares of Micron Technology by 52.5% in the 1st quarter. Zions Bancorporation N.A. now owns 2,121 shares of the semiconductor manufacturer’s stock valued at $165,000 after purchasing an additional 730 shares during the period. 80.84% of the stock is owned by 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.