Micron Technology (NASDAQ:MU) Trading Down 1% Following Insider Selling

Micron Technology, Inc. (NASDAQ:MU) shares dropped 1% on Tuesday following insider selling activity. The company traded as low as $129.59 and last traded at $130.25. Approximately 7,794,262 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 20,668,656 shares. The stock had previously closed at $131.52.

Specifically, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now directly owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders sold 302,730 shares of company stock valued at $37,771,649 in the last three months. 0.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Needham & Company LLC increased their price objective on Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Susquehanna increased their price objective on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. UBS Group dropped their price objective on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Stifel Nicolaus increased their price objective on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Finally, Wolfe Research increased their price objective on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $158.52.

Micron Technology Stock Performance

The firm has a fifty day moving average of $128.51 and a 200-day moving average of $106.81. The stock has a market capitalization of $147.02 billion, a price-to-earnings ratio of -93.20 and a beta of 1.18. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s revenue was up 81.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.57) earnings per share. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 0.39 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DecisionPoint Financial LLC acquired a new position in Micron Technology in the first quarter valued at $25,000. Valued Wealth Advisors LLC boosted its holdings in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares during the last quarter. Tidemark LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $25,000. Pingora Partners LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $26,000. Finally, Riverview Trust Co acquired a new position in shares of Micron Technology during the first quarter worth about $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.