Manish H. Bhatia Sells 53,317 Shares of Micron Technology, Inc. (NASDAQ:MU) Stock

Micron Technology, Inc. (NASDAQ:MU) EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Micron Technology Price Performance

Shares of MU stock opened at $117.81 on Friday. The stock has a 50 day moving average price of $110.70 and a 200 day moving average price of $90.90. The firm has a market capitalization of $130.06 billion, a P/E ratio of -34.15 and a beta of 1.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. Micron Technology, Inc. has a 52-week low of $59.79 and a 52-week high of $130.54.

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

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.39%. The ex-dividend date was Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Analysts Set New Price Targets

Several brokerages have recently commented on MU. Wells Fargo & Company boosted their price objective on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Cantor Fitzgerald upped their price target on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. KeyCorp boosted their target price on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research note on Thursday, March 21st. Finally, Wedbush boosted their price target on shares of Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $123.60.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MU. Norges Bank bought a new position in shares of Micron Technology during the 4th quarter worth approximately $769,372,000. FMR LLC raised its stake in Micron Technology by 47.9% in the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after buying an additional 7,089,790 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Micron Technology by 43.4% during 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 acquiring an additional 5,257,201 shares during the last quarter. Morgan Stanley raised its position in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after purchasing an additional 2,852,688 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in 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 worth $387,585,000 after purchasing an additional 2,523,267 shares in the last quarter. 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.