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

Micron Technology, Inc. (NASDAQ:MU)’s share price dropped 0.4% on Thursday after an insider sold shares in the company. The company traded as low as $117.61 and last traded at $118.88. Approximately 2,627,493 shares were traded during trading, a decline of 87% from the average daily volume of 19,895,486 shares. The stock had previously closed at $119.32.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $120.32, for a total value of $842,240.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $86,515,975.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $120.32, for a total value of $842,240.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $86,515,975.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 377,207 shares of company stock valued at $42,681,947. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent research reports. Argus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a research note on Thursday, March 21st. Wells Fargo & Company lifted their price target on shares of Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. KeyCorp upped their price objective on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Finally, StockNews.com upgraded Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $123.60.

Micron Technology Price Performance

The stock has a market capitalization of $130.06 billion, a P/E ratio of -34.15 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average of $110.70 and a 200-day moving average of $90.90.

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

Micron Technology Announces Dividend

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

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock worth $8,106,001,000 after purchasing an additional 755,588 shares in the last quarter. Sanders Capital LLC boosted its holdings in Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after acquiring an additional 503,923 shares in the last quarter. FMR LLC grew its stake in shares of Micron Technology by 47.9% during the third 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 last quarter. Wellington Management Group LLP increased its holdings in shares of 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 valued at $1,182,608,000 after acquiring an additional 5,257,201 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Micron Technology by 19.7% in the 3rd 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 last quarter. Hedge funds and other institutional investors 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.