Insider Selling: Micron Technology President Unloads 168,492 Shares of Stock (MU)
Micron Technology (NYSE:MU) President Mark Adams sold 168,492 shares of the stock in a transaction that occurred on Thursday, January 9th. The shares were sold at an average price of $23.41, for a total transaction of $3,944,397.72. Following the completion of the transaction, the president now directly owns 474,500 shares in the company, valued at approximately $11,108,045. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Zacks downgraded shares of Micron Technology from an “outperform” rating to a “neutral” rating in a research note to investors on Monday. They now have a $26.10 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Micron Technology in a research note to investors on Monday. Finally, analysts at Sterne Agee initiated coverage on shares of Micron Technology in a research note to investors on Friday. They set a “buy” rating and a $23.24 price target on the stock. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $22.87.
Shares of Micron Technology (NYSE:MU) traded down 1.60% during mid-day trading on Monday, hitting $23.33. 27,630,268 shares of the company’s stock traded hands. Micron Technology has a 52-week low of $7.43 and a 52-week high of $24.50. The stock’s 50-day moving average is $21.89 and its 200-day moving average is $17.15. The company has a market cap of $24.750 billion and a price-to-earnings ratio of 14.31.
Micron Technology (NYSE:MU) last announced its earnings results on Tuesday, January 7th. The company reported $0.30 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.44 by $0.14. The company had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company posted ($0.27) earnings per share. Micron Technology’s revenue was up 120.4% compared to the same quarter last year. Analysts expect that Micron Technology will post $2.13 EPS for the current fiscal year.
Micron Technology, Inc, is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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