Micron Technology (NASDAQ:MU) Stock Price Down 0.4% Following Insider Selling

Shares of Micron Technology, Inc. (NASDAQ:MU) fell 0.4% during mid-day 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 dated Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total transaction of $611,870.00. Following the sale, the chief executive officer now directly owns 642,251 shares in the company, valued at approximately $56,139,159.91. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total value of $611,870.00. Following the completion of the transaction, the chief executive officer now owns 642,251 shares in the company, valued at approximately $56,139,159.91. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology 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 transaction, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 313,890 shares of company stock worth $33,617,027. 0.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MU shares. Morgan Stanley boosted their price objective on Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a research report on Thursday, March 21st. Wells Fargo & Company boosted their price target on Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird boosted their price target on Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Finally, Piper Sandler boosted their price target on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Stock Down 4.6 %

The business has a 50 day simple moving average of $102.95 and a 200 day simple moving average of $86.67. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The stock has a market cap of $118.23 billion, a PE ratio of -30.95 and a beta of 1.27.

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

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio is presently -13.33%.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently made changes to their positions in MU. Sei Investments Co. lifted its position in shares of Micron Technology by 12.8% during the 1st quarter. Sei Investments Co. now owns 350,644 shares of the semiconductor manufacturer’s stock worth $27,314,000 after purchasing an additional 39,693 shares during the last quarter. Prudential PLC acquired a new position in Micron Technology in the 1st quarter valued at approximately $1,672,000. Brighton Jones LLC raised its holdings in 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 acquiring an additional 318 shares in the last quarter. Baird Financial Group Inc. raised its holdings in 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 acquiring an additional 16,953 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its holdings 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 worth $165,000 after buying an additional 730 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.