Micron Technology (NASDAQ:MU) Trading Down 0.7% After Insider Selling

Micron Technology, Inc. (NASDAQ:MUGet Free Report) dropped 0.7% on Thursday following insider selling activity. The stock traded as low as $117.35 and last traded at $118.36. Approximately 7,260,953 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 18,724,857 shares. The stock had previously closed at $119.14.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $80.44, for a total value of $563,080.00. Following the completion of the sale, the chief executive officer now directly owns 788,557 shares in the company, valued at approximately $63,431,525.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 264,000 shares of company stock worth $26,368,640. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MU shares. Wedbush upped their price objective on Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Evercore ISI lifted their price target on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, December 21st. Needham & Company LLC raised their target price on shares of Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Finally, Wells Fargo & Company raised their price objective on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $118.69.

Get Our Latest Stock Report on Micron Technology

Micron Technology Stock Performance

The stock has a market cap of $130.55 billion, a price-to-earnings ratio of -34.17 and a beta of 1.24. The company’s fifty day simple moving average is $91.35 and its two-hundred day simple moving average is $80.65. 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 (NASDAQ:MUGet Free Report) last issued its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion during 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 company’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($2.03) earnings per share. On average, analysts forecast that Micron Technology, Inc. will post 0.01 earnings per share for the current year.

Micron Technology Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in Micron Technology by 411.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,274,070 shares of the semiconductor manufacturer’s stock valued at $763,398,000 after purchasing an additional 12,286,893 shares during the period. Norges Bank purchased a new position in shares of Micron Technology during the 4th quarter valued at $581,559,000. FMR LLC grew its stake in shares of Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after acquiring an additional 7,089,790 shares during the period. Morgan Stanley increased its holdings in Micron Technology by 59.2% in the 4th quarter. Morgan Stanley now owns 14,185,790 shares of the semiconductor manufacturer’s stock worth $709,006,000 after acquiring an additional 5,274,984 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after acquiring an additional 5,257,201 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

(Get Free Report)

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.

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