Micron Technology (NASDAQ:MU) Shares Down 0.5% on Insider Selling

Shares of Micron Technology, Inc. (NASDAQ:MU) dropped 0.5% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $117.08 and last traded at $118.19. Approximately 9,921,241 shares traded hands during trading, a decline of 47% from the average daily volume of 18,589,789 shares. The stock had previously closed at $118.80.

Specifically, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $120.00, for a total transaction of $5,400,000.00. Following the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $89,226,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 264,000 shares of company stock valued at $26,368,640. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Susquehanna raised their price objective on Micron Technology from $90.00 to $112.00 and gave the stock a “positive” rating in a research note on Monday, December 18th. Mizuho raised their price target on Micron Technology from $105.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Wedbush lifted their price objective on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Citigroup increased their target price on Micron Technology from $95.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $118.69.

Micron Technology Stock Performance

The firm has a 50 day simple moving average of $91.35 and a 200-day simple moving average of $80.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the business earned ($2.03) EPS. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. Equities research analysts predict that Micron Technology, Inc. will post 0.01 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 16th. Investors of record on Monday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MU. Vanguard Group Inc. raised its stake in Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock worth $8,106,001,000 after purchasing an additional 755,588 shares in the last quarter. State Street Corp boosted its holdings in shares of Micron Technology by 0.6% in the 2nd quarter. State Street Corp now owns 46,193,578 shares of the semiconductor manufacturer’s stock valued at $2,915,277,000 after purchasing an additional 282,292 shares in the last quarter. Sanders Capital LLC grew its position in Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares during the last quarter. FMR LLC grew its holdings in shares of Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after purchasing an additional 7,089,790 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Micron Technology by 1.3% during 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 buying an additional 253,179 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

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.