Insider Selling: Micron Technology Director Sells 25,000 Shares of Stock (MU)
Micron Technology (NYSE:MU) Director Robert E. Switz sold 25,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $27.56, for a total transaction of $689,000.00. Following the completion of the sale, the director now directly owns 102,709 shares in the company, valued at approximately $2,830,660. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Micron Technology (NYSE:MU) traded down 2.79% during mid-day trading on Wednesday, hitting $26.86. 28,158,232 shares of the company’s stock traded hands. Micron Technology has a 1-year low of $10.52 and a 1-year high of $27.78. The stock’s 50-day moving average is $24.41 and its 200-day moving average is $22.78. The company has a market cap of $28.750 billion and a price-to-earnings ratio of 11.16.
Micron Technology (NYSE:MU) last released its earnings data on Thursday, April 3rd. The company reported $0.85 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.74 by $0.11. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the prior year, the company posted ($0.28) earnings per share. The company’s quarterly revenue was up 97.6% on a year-over-year basis. Analysts expect that Micron Technology will post $3.02 EPS for the current fiscal year.
MU has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. Finally, analysts at Needham & Company LLC reiterated a “positive” rating on shares of Micron Technology in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $25.69.
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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