Micron Technology (NASDAQ:MU) Shares Down 1.1% After Insider Selling

Shares of Micron Technology, Inc. (NASDAQ:MU) were down 1.1% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $119.85 and last traded at $120.41. Approximately 5,743,333 shares traded hands during trading, a decline of 71% from the average daily volume of 20,023,742 shares. The stock had previously closed at $121.77.

Specifically, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the transaction, the chief executive officer now owns 788,557 shares of the company’s stock, valued at $70,970,130. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 313,890 shares of company stock valued at $33,617,027. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on MU. TD Cowen lifted their target price on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. increased their price target on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Stifel Nicolaus reiterated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research note on Friday, April 12th. 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 note on Thursday, March 21st. Finally, Morgan Stanley raised their target price on Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Trading Down 3.8 %

The business has a 50 day moving average price of $102.53 and a two-hundred day moving average price of $86.40. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued 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 0.41%. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Micron Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock valued at $8,106,001,000 after buying an additional 755,588 shares during the last quarter. State Street Corp raised its stake in shares of Micron Technology by 2.4% in the first quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer’s stock worth $2,770,316,000 after purchasing an additional 1,074,820 shares during the last quarter. Sanders Capital LLC raised its stake in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after purchasing an additional 503,923 shares during the last quarter. FMR LLC raised its stake in shares of Micron Technology by 47.9% in the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after purchasing an additional 7,089,790 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Micron Technology by 1.3% in the first quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer’s stock worth $1,225,181,000 after purchasing an additional 253,179 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

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.