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

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 1.1% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $119.85 and last traded at $120.41. Approximately 5,743,333 shares were traded during mid-day 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 the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the completion of the transaction, the chief executive officer now directly owns 642,251 shares of the company’s stock, valued at approximately $56,139,159.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 313,890 shares of company stock worth $33,617,027. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Micron Technology from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. KeyCorp upped their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Barclays upped their price target on shares of Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. Bank of America increased their price objective on shares of Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Micron Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Stock Performance

The company’s 50 day simple moving average is $102.53 and its 200-day simple moving average is $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 announced its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating 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 net margin of 20.57% and a negative return on equity of 8.98%. The firm’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($2.03) earnings per share. As a group, research analysts forecast that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently bought and sold shares of MU. Northern Trust Corp grew its holdings in Micron Technology by 0.7% during the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after acquiring an additional 80,345 shares in the last quarter. L2 Asset Management LLC raised its position in Micron Technology by 492.3% during the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock worth $1,799,000 after buying an additional 21,979 shares during the last quarter. Invesco Ltd. raised its position in Micron Technology by 11.8% during the 3rd quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock worth $599,203,000 after buying an additional 927,302 shares during the last quarter. Merlin Capital Inc acquired a new stake in shares of Micron Technology during the 3rd quarter worth approximately $407,000. Finally, Amitell Capital Pte Ltd grew its stake in shares of Micron Technology by 97.9% during the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock worth $6,477,000 after purchasing an additional 47,105 shares during the period. Hedge funds and other institutional investors 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.