Insider Selling: Micron Technology CEO Sells 200,000 Shares of Stock (MU)
Micron Technology (NYSE:MU) CEO Dermot Mark Durcan unloaded 200,000 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $28.42, for a total value of $5,684,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,746,817 shares in the company, valued at approximately $49,644,539. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Micron Technology (NYSE:MU) traded up 0.03% during mid-day trading on Tuesday, hitting $28.67. The stock had a trading volume of 14,008,799 shares. Micron Technology has a 1-year low of $11.65 and a 1-year high of $29.03. The stock’s 50-day moving average is $26.26 and its 200-day moving average is $23.7. The company has a market cap of $30.688 billion and a price-to-earnings ratio of 11.58.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $0.85 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted ($0.28) earnings per share. Micron Technology’s revenue was up 97.6% compared to the same quarter last year. 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 ING Group upgraded shares of Micron Technology from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 19th. Separately, analysts at RBC Capital upgraded shares of Micron Technology from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 19th. They now have a $34.00 price target on the stock, up previously from $27.00. Finally, analysts at Sterne Agee reiterated a “buy” rating on shares of Micron Technology in a research note on Friday, May 16th. They now have a $32.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $26.72.
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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