Sanjay Mehrotra Sells 7,000 Shares of Micron Technology, Inc. (NASDAQ:MU) Stock

Micron Technology, Inc. (NASDAQ:MU) CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $66.26, for a total transaction of $463,820.00. Following the transaction, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at approximately $38,620,436.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Sanjay Mehrotra also recently made the following trade(s):

• On Thursday, August 31st, Sanjay Mehrotra sold 30,000 shares of Micron Technology stock. The shares were sold at an average price of $70.00, for a total transaction of $2,100,000.00.
• On Tuesday, August 22nd, Sanjay Mehrotra sold 7,000 shares of Micron Technology stock. The shares were sold at an average price of $63.93, for a total transaction of $447,510.00.
• On Monday, August 14th, Sanjay Mehrotra sold 30,000 shares of Micron Technology stock. The shares were sold at an average price of $67.47, for a total transaction of $2,024,100.00.

Micron Technology Trading Up 0.6 %

NASDAQ:MU opened at $70.39 on Friday. Micron Technology, Inc. has a 12 month low of $48.43 and a 12 month high of $74.77. The firm has a fifty day simple moving average of $65.83 and a 200-day simple moving average of $63.39. The company has a current ratio of 4.26, a quick ratio of 2.64 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $77.10 billion, a P/E ratio of -26.26 and a beta of 1.35.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.18. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.65 billion. Micron Technology had a negative net margin of 16.02% and a negative return on equity of 5.40%. The firm’s quarterly revenue was down 56.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.50 earnings per share. On average, equities research analysts anticipate that Micron Technology, Inc. will post -5.07 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Monday, July 10th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Friday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.65%. Micron Technology’s dividend payout ratio is presently -17.16%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MU. Comerica Bank purchased a new position in Micron Technology in the second quarter valued at $367,930,000. BOKF NA increased its holdings in Micron Technology by 82.0% in the second quarter. BOKF NA now owns 144,677 shares of the semiconductor manufacturer’s stock valued at $9,131,000 after buying an additional 65,189 shares in the last quarter. Vestor Capital LLC purchased a new position in Micron Technology in the second quarter valued at $5,933,000. Orion Portfolio Solutions LLC increased its holdings in Micron Technology by 840.2% in the second quarter. Orion Portfolio Solutions LLC now owns 54,643 shares of the semiconductor manufacturer’s stock valued at $3,449,000 after buying an additional 48,831 shares in the last quarter. Finally, Camarda Financial Advisors LLC purchased a new position in Micron Technology in the second quarter valued at $1,168,000. 79.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of analyst reports. Wedbush increased their price target on shares of Micron Technology from $65.00 to $80.00 in a report on Monday, June 26th. KeyCorp raised their price objective on shares of Micron Technology from $70.00 to $80.00 in a research note on Thursday, June 29th. BMO Capital Markets raised their price objective on shares of Micron Technology from $67.00 to $80.00 in a research note on Friday, May 26th. Citigroup reissued a “buy” rating and issued a $75.00 price objective on shares of Micron Technology in a research note on Friday, June 30th. Finally, VNET Group reissued a “maintains” rating on shares of Micron Technology in a research note on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.43.

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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.