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

Micron Technology, Inc. (NASDAQ:MU)’s share price was down 1.1% during trading on Wednesday following insider selling activity. The stock traded as low as $119.85 and last traded at $120.41. Approximately 5,743,333 shares were traded during trading, a decline of 71% from the average daily volume of 20,023,742 shares. The stock had previously closed at $121.77.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of the business’s 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 transaction, the chief executive officer now directly owns 642,251 shares of the company’s stock, valued at $56,139,159.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total transaction of $611,870.00. Following the transaction, the chief executive officer now directly owns 642,251 shares of the company’s stock, valued at $56,139,159.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 313,890 shares of company stock valued at $33,617,027. 0.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. TD Cowen increased their price target on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. Evercore ISI increased their price target on Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, December 21st. Barclays increased their price target on Micron Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, March 18th. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Finally, Piper Sandler increased their price target on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. One equities 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Stock Down 3.8 %

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

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping 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 business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the company earned ($2.03) EPS. The firm’s revenue was up 57.7% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders 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 annualized dividend and a yield of 0.41%. Micron Technology’s dividend payout ratio is currently -13.33%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MU. Fortis Capital Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at about $25,000. Tidemark LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at about $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at about $26,000. OFI Invest Asset Management purchased a new stake in shares of Micron Technology in the 3rd quarter valued at about $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Micron Technology in the 3rd quarter valued at about $28,000. Institutional investors own 80.84% of the company’s stock.

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.