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

Micron Technology, Inc. (NASDAQ:MU)’s stock price was down 0.4% on Thursday after an insider sold shares in the company. The stock traded as low as $113.70 and last traded at $115.92. Approximately 7,276,572 shares were traded during trading, a decline of 64% from the average daily volume of 20,119,439 shares. The stock had previously closed at $116.33.

Specifically, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the sale, the chief executive officer now owns 788,557 shares in the company, valued at approximately $70,970,130. The disclosure for this sale can be found here. Insiders have sold 313,890 shares of company stock worth $33,617,027 over the last three months. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MU shares. Stifel Nicolaus reiterated a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a report on Friday, April 12th. Wells Fargo & Company increased their target price on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a research note on Monday, March 18th. StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group increased their target price on Micron Technology from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Price Performance

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 company has a 50 day moving average price of $102.53 and a 200 day moving average price of $86.40. The company has a market capitalization of $123.95 billion, a P/E ratio of -32.44 and a beta of 1.27.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued 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 presently -13.33%.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Fortis Capital Advisors LLC bought a new stake in Micron Technology during the 4th quarter worth $25,000. Tidemark LLC bought a new stake in Micron Technology during the 4th quarter worth $25,000. Pingora Partners LLC bought a new stake in Micron Technology during the 4th quarter worth $26,000. OFI Invest Asset Management bought a new stake in Micron Technology during the 3rd quarter worth $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Micron Technology in the 3rd quarter valued at about $28,000. 80.84% of the stock is owned by institutional investors and hedge funds.

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.