Micron Technology (NASDAQ:MU) Shares Down 1.1% After Insider Selling

Micron Technology, Inc. (NASDAQ:MU) fell 1.1% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $119.85 and last traded at $120.41. 5,743,333 shares were traded during mid-day trading, a decline of 71% from the average session volume of 20,023,742 shares. The stock had previously closed at $121.77.

Specifically, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the completion of the sale, the chief executive officer now owns 788,557 shares of the company’s stock, valued at $70,970,130. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Micron Technology news, 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 completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $90.00, for a total value of $4,050,000.00. Following the completion of the sale, the chief executive officer now owns 788,557 shares of the company’s stock, valued at approximately $70,970,130. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 313,890 shares of company stock valued at $33,617,027. 0.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on MU. UBS Group boosted their price objective on Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on Micron Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Stifel Nicolaus restated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a report on Friday, April 12th. Evercore ISI upped their target price on Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, December 21st. Finally, The Goldman Sachs Group upped their target price on Micron Technology from $85.00 to $97.00 and gave the company a “buy” rating in a report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Stock Performance

The business has a 50 day moving average price of $102.53 and a 200 day moving average price of $86.40. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the firm posted ($2.03) earnings per share. Micron Technology’s revenue was up 57.7% compared to the same quarter last year. As a group, equities analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given a $0.115 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.41%. Micron Technology’s payout ratio is -13.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Tidemark LLC purchased a new position in Micron Technology in the fourth quarter worth about $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology in the fourth quarter worth about $26,000. Riverview Trust Co bought a new position in shares of Micron Technology in the first quarter worth about $39,000. Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology in the fourth quarter worth about $29,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Micron Technology in the third quarter worth about $28,000. 80.84% of the stock is 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.