Insider Selling: Mark Adams Unloads 100,000 Shares of Micron Technology Stock (MU)
Micron Technology (NYSE:MU) President Mark Adams sold 100,000 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $32.11, for a total value of $3,211,000.00. Following the completion of the sale, the president now directly owns 474,500 shares of the company’s stock, valued at approximately $15,236,195. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on MU. Analysts at Zacks reiterated an “outperform” rating on shares of Micron Technology in a research note on Wednesday. They now have a $39.00 price target on the stock. Separately, analysts at Macquarie reiterated a “neutral” rating on shares of Micron Technology in a research note on Wednesday. They now have a $35.00 price target on the stock, up previously from $28.00. Finally, analysts at Argus raised their price target on shares of Micron Technology from $31.00 to $38.00 in a research note on Wednesday. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Micron Technology currently has a consensus rating of “Buy” and a consensus price target of $34.74.
Shares of Micron Technology (NYSE:MU) traded down 1.05% during mid-day trading on Thursday, hitting $32.00. 20,334,104 shares of the company’s stock traded hands. Micron Technology has a 52-week low of $12.31 and a 52-week high of $32.97. The stock’s 50-day moving average is $29.00 and its 200-day moving average is $25.00. The company has a market cap of $34.252 billion and a P/E ratio of 13.06.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Monday, June 23rd. The company reported $0.79 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.10. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up 71.8% on a year-over-year basis. Analysts expect that Micron Technology will post $3.19 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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