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

Micron Technology, Inc. (NASDAQ:MU) EVP Manish H. Bhatia sold 53,317 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Micron Technology Stock Up 0.1 %

Shares of NASDAQ MU opened at $119.32 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. Micron Technology, Inc. has a 1 year low of $59.55 and a 1 year high of $130.54. The stock has a market capitalization of $131.73 billion, a P/E ratio of -34.59 and a beta of 1.27. The company has a 50-day moving average price of $110.11 and a 200-day moving average price of $90.70.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $5.35 billion. During the same quarter last year, the company earned ($2.03) earnings per share. The company’s revenue for the quarter was up 57.7% on a year-over-year basis. 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 company also recently disclosed 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 of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.39%. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MU. KeyCorp boosted their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Morgan Stanley upped their price objective on shares of Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a research report on Thursday, March 21st. Bank of America lifted their target price on Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Raymond James boosted their target price on Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Finally, Citigroup reaffirmed a “buy” rating and set a $150.00 price target on shares of Micron Technology in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $123.60.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in Micron Technology in the fourth quarter worth $769,372,000. FMR LLC lifted its holdings in Micron Technology by 47.9% during the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after purchasing an additional 7,089,790 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 purchasing an additional 5,257,201 shares during the period. Morgan Stanley raised its position in shares of Micron Technology by 19.7% in the third 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 period. Finally, California Public Employees Retirement System lifted its stake in shares of Micron Technology by 125.0% during the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after buying an additional 2,523,267 shares in the last quarter. 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.