Micron Technology (NASDAQ:MU) Shares Down 0.4% After Insider Selling

Micron Technology, Inc. (NASDAQ:MU) shares were down 0.4% during trading on Thursday following insider selling activity. The company traded as low as $117.61 and last traded at $118.88. Approximately 2,627,493 shares changed hands during trading, a decline of 87% from the average daily volume of 19,895,486 shares. The stock had previously closed at $119.32.

Specifically, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $80.44, for a total transaction of $563,080.00. Following the sale, the chief executive officer now directly owns 788,557 shares in the company, valued at approximately $63,431,525.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the sale, the executive vice president now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $80.44, for a total value of $563,080.00. Following the completion of the transaction, the chief executive officer now owns 788,557 shares of the company’s stock, valued at approximately $63,431,525.08. The disclosure for this sale can be found here. In the last three months, insiders sold 377,207 shares of company stock valued at $42,681,947. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Robert W. Baird upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $115.00 to $150.00 in a research report on Monday. Morgan Stanley upped their target price on Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a research note on Thursday, March 21st. Bank of America raised their price target on Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Argus upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a research report on Thursday, March 21st. Finally, KeyCorp lifted their price objective on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $123.60.

Micron Technology Stock Down 1.3 %

The firm has a market capitalization of $130.06 billion, a PE ratio of -34.15 and a beta of 1.27. 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 firm has a 50-day moving average of $110.70 and a two-hundred day moving average of $90.90.

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

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently made changes to their positions in the business. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology during the 1st quarter valued at about $25,000. Valued Wealth Advisors LLC raised its stake in shares of Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares during the period. Tidemark LLC acquired a new position in shares of Micron Technology during the fourth quarter worth $25,000. Pingora Partners LLC purchased a new position in shares of Micron Technology in the fourth quarter valued at $26,000. Finally, Riverview Trust Co acquired a new stake in Micron Technology during the 1st quarter valued at $39,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.